ABN Corp. has the following information about its standards and production activity in May: 
Required: Calculate and show calculations for each of the following variances:
1. Variable overhead flexible-budget (FB) variance.
2. Fixed overhead spending variance.
3. Fixed overhead production volume variance.
4. Provide and interpretation of each of the above variances.
Definitions:
Hindsight Bias
The tendency to believe, after learning an outcome, that one would have foreseen it, known also as the "knew-it-all-along" effect.
Naturalistic Observation
A research method involving the systematic observation and recording of behaviors as they occur in their natural environment, without manipulation or control by the researcher.
Play Behavior
Activities engaged in for enjoyment and recreation rather than a serious or practical purpose, commonly observed in both humans and animals.
Young Children
Individuals in the early stages of their life, typically considered to be in the preschool and early elementary school ages.
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