QUESTION 7 The two variances that can be computed for fixed overhead are the: budget variance and the efficiency variance budget variance and the volume variance. efficiency variance and the spending variance. efficiency variance and the volume variance. QUESTIONS Which of the following wariances is caused by a difference between the denominator activity in the predetermined overhead rate and the standard hours allowed for the actual production of the period? fixed overhead budget variance. fixed overhead volume variance. Variable overhead efficiency variance variable overhead spending variance