8-21(10-15 min.)4-variance analysis, fill in the blanks.VariableFixed1.Spending variance2.Efficiency variance3.Production-volume variance4.Flexible-budget variance5.Underallocated (overallocated) MOH$200 U2,200 FNEVER2,000 F2,000 F$4,600 UNEVER1,200 F4,600 U3,400 UThese relationships could be presented in the same way as in Exhibit 8-4.Actual Costs Incurred(1)Actual Input Quantity× Budgeted Rate(2)Flexible Budget: Budgeted InputQuantity Allowed for Actual Output × Budgeted Rate(3)Allocated:Budgeted InputQuantity Allowed for Actual Output× Budgeted Rate(4)VariableMOH$31,000$30,800$33,000$33,000Actual Costs Incurred(1)Same BudgetedLump Sum(as in Static Budget)Regardless ofOutput Level(2)Flexible Budget:Same Budgeted Lump Sum (as in Static Budget)Regardless ofOutput Level(3)Allocated:Budgeted InputQuantity Allowed for Actual Output × Budgeted Rate(4)FixedMOH$18,000$13,400$13,400$14,600$200 USpending variance$2,200 FEfficiency varianceNever a variance$4,600 USpending varianceNever a variance$1,200 FProduction-volume variance$2,000 FFlexible-budget varianceNever a variance$2,000 FOverallocated variable overhead(Total variable overhead variance)$4,600 UFlexible-budget variance$1,200 FProduction-volume variance$3,400 UUnderallocated fixed overhead(Total fixed overhead variance)

An overview of the 4 overhead variances is:4-VarianceAnalysisSpendingVarianceEfficiencyVariance