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ABN Corp has the following information about its standards and production activity in May:     Total factory overhead costs incurred:       Variable overhead $ 55,000   Fixed overhead   40,000   Standard factory overhead rate:       Variable overhead $ 4

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ABN Corp has the following information about its standards and production activity in May:

Required:
Calculate and show underlying calculations for each of the following variances:

1. Variable overhead flexible-budget (FB) variance, to the nearest whole dollar.
2. Fixed overhead spending variance, to the nearest whole dollar.
3. Fixed overhead production volume variance, to the nearest whole dollar.
4. Provide a short discussion/interpretation of each of the above-three variances.