Chesley Company is planning to produce 2,500,000 power drills for the coming year. The company uses direct labor hours to assign overhead to…

Chesley Company is planning to produce 2,500,000 power drills for the coming year. The company uses direct labor hours to assign overhead to products. Each drill requires 0.7 standard hour of labor for completion. The total budgeted overhead was $1,980,600. The total fixed overhead budgeted for the coming year is $1,325,800. Predetermined overhead rates are calculated using expected production, measured in direct labor hours. Actual results for the year are:Actual production (units)2,570,000  Actual variable overhead$644,500 Actual direct labor hours (AH)1,536,100  Actual fixed overhead$1,370,000

Calculate the fixed overhead spending variance. Do not round intermediate calculations. If required, round final answer to the nearest cent.

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