Which of the following statements about u. s. inflation is not correct? a. low inflation was viewed as a triumph of president carter's economic policy. b. the u. s. inflation rate has varied over time, but international data show even more variation. c. the u. s. public has viewed inflation rates of even 7 percent as a major economic problem. d. there were long periods in the nineteenth century during which prices fell.

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.