1. Prepare journal entries for variable and fixed manufacturing overhead (you will need to calculate the various variances to accomplish this). 2. Overhead variances are written off to the Cost of Goods Sold (COGS) account at the end of the fiscal year. Show how COGS is adjusted through journal entries. Manufacturing Overhead Actual Results Variable $ 71,808 Fixed 360,672 Flexible Budget Allocated Amount $ 80,640 $ 80,640 351,360 368,640 Actual number of units of output Budgeted machine hours (BMHRS) Budgeted variable-manufacturing overhead costs Budgeted fixed-manufacturing overhead costs 960 units 1,830 MHRS $76,860 $351,360