12. Lungren has budgeted (i.e., flexible budget) construction overhead for August of $300,000 for variable costs and $500,000 for fixed costs. Actual costs for the month totaled $275,000 for variable and $445,000 for fixed. Allocated fixed overhead totaled $440,000. Spending variances for August were $10,000 unfavorable for variable and $55,000 favorable for fixed. The production-volume overhead variance was $60,000 unfavorable. a. Record journal entries for the actual Variable and Fixed Overhead costs incurred. b. Are Variable and Fixed Overhead over- or under-allocated? By how much? c. Record journal entries to record the Variable and Fixed Overhead variances (and close the VMOH and FMOH accounts) for August. d. What are the Variable and Fixed Overhead Flexible Budget Variances and their states