Monroe Corporation Budgeted Fixed Costs of $250,000 for the Current

Monroe Corporation budgeted fixed costs of $250,000 for the current year. The company expected to make 20,000 units during the year. Actual fixed costs were $256,000, and Monroe actually made 22,000 units of product.Required:Calculate the spending variance relating to these fixed costs and indicate whether it is favorable or unfavorable.Calculate the fixed cost volume variance and indicate whether it is favorable or unfavorable. Explain why the variance is favorable or unfavorable.