To help increase and maintain ethical values for future managers, a group of Harvard Business School students developed the triple bottom line framework to guide managers ethical decisions. a new way to examine business processes that meet the needs of the community. an ethical value chain that attempts to promote societal benefits. a voluntary MBA oath that explicitly recognizes the role of business in society and its responsibilities beyond shareholders.

Oerstman, inc. uses a standard costing system and develops its overhead rates from the current annual budget.the budget is based on an expected annual output of 120,000 units requiring 480,000 direct labor hours.(practical capacity is 500,000 hours)annual budgeted overhead costs total $772,800, of which $556,800 is fixed overhead.a total of 119,300 units, using 478,000 direct labor hours, were produced during the year.actual variable overhead costs for the year were $260,400 and actual fixed overhead costs were $555,450.required: 1. compute the fixed overhead spending variance and indicate if favorable or unfavorable.2. compute the fixed overhead volume variance and indicate if favorable or unfavorable.