World Company expects to operate at 80% of its productive capacity of 61,250 units per month. At this planned level, the company expects to use 29,400 standard hours of direct labor. Overhead is allocated to products using a predetermined standard rate of 0.600 direct labor hour per unit. At the 80% capacity level, the total budgeted cost includes $47,040 fixed overhead cost and $355,740 variable overhead cost. In the current month, the company incurred $390,000 actual overhead and 26,400 actual labor hours while producing 46,000 units. (1) Compute the overhead volume variance. Classify each as favorable or unfavorable. (2) Compute the overhead controllable variance. Classify each as favorable or unfavorable.