2 0 Part 2 of 4 16.66 points eBook References Required information i [The following information applies to the questions displayed below.) The Platter Valley factory of Bybee Industries manufactures field boots. The cost of each boot includes direct materials, direct labor, and manufacturing (factory) overhead. The firm traces all direct costs to products, and it assigns overhead cost to products based on direct labor hours. The company budgeted $15,000 variable factory overhead cost, $90,000 for fixed factory overhead cost and 2,500 direct labor hours (its practical capacity) to manufacture 5,000 pairs of boots in March. The factory used 2,700 direct labor hours in March to manufacture 4,800 pairs of boots and spent $15,600 on variable overhead during the month. The actual fixed overhead cost incurred for the month was $92,000. Required: 1. Compute the fixed overhead spending (budget) variance and the production volume variance for March and indicate whether each variance is favorable (F) or unfavorable (U). 2. Compute the fixed overhead flexible-budget variance for March, Is this variance favorable (F) or unfavorable (U)? 3. Provide the appropriate journal entry to record the fixed overhead spending variance and the appropriate journal entry to record the production volume variance for March. Assume that the company uses a single account, Factory Overhead, to record overhead costs. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the fixed overhead spending (budget) variance and the production volume variance for March and indicate whether each variance is favorable (F) or unfavorable (U). Spending variance Production volume variance Required 1 Required 2 > 2 Part 2 16.66 Required information The following information applies to me questions displayed below) The Platter Valley factory of Bybee industries manufactures field boots. The cost of each boot includes direct materials direct labor, and manufacturing (factory) overhead. The firm traces all direct costs to products, and it assigns overhead cost to products based on direct labor hours The company budgeted $15,000 variable factory overhead cost, $90,000 for fixed factory overhead cost and 2,500 direct labor hours (ts practical capacity) to manufacture 5,000 pairs of boots in March The factory used 2700 direct labor hours in March to manufacture 4,800 pairs of boots and spent $15,000 on variable overhead during the month. The actual fixed overhead cost incurred for the month was $92.000 Required 1 Compute the fixed overhead spending budget) variance and the production volume variance for March and indicate whether each veriance is favorable ) or unfavorable 2. Compute the fixed overhead flexible budget variance for March Is this variance favorable (F) or unfavorable ( 3. Provide the appropriate journal entry to record the fixed overhead spending variance and the appropriate journal entry to recond the production volume variance for March Assume that the company uses a single account, Factory Overhead, to record overhead costs Complete this question by entering your answers in the tabs below Compute the fleed overhead fewbie-budget variance for March Is this variance feverable or unfeverable (U) Required 3> 2 1666 Required information The following information applies to the questions displayed below] The Plater Valley factory of Bybee industries manufactures feid boots. The cost of each boot includes direct mater direct labor, and manufacturing (factory) overhead. The firm traces all direct costs to products, and it assign overhead cost to products based on direct labor hours The company budgeted $15,000 variable factory overhead cost $90,000 for fixed factory overhead cost and 2.500 direct labor hours (ts practical capacity) to manufacture 5.000 pairs of boots in March The factory used 2,700 direct labor hours in March to manufacture 4,800 pairs of boots and spent $15.600 on variable overhead during the month. The actual feed overhead cost incunted for the month was $92.000. Required 1. Compute the feed overhead spending (budget) vanance and the production volume variance for March and indicate whether each variance is favorable ) or unfavorable (U) 2. Compute the fixed overhead flexible-budget variance for March is this variance favorabile or unfavorable (U) 3. Provide the appropriate journal entry to record the fixed overhead spending variance and the appropriate journal entry to record the production volume variance for March Assume that the company uses a single account, Factory Overhead, to recond overhead costs Complete this question by entering your answers in the tabe below Provide the appropriate joumal entry to record the Reed evermest spending venance and the agente journal entry to record the production volume variance for March. Assume that the company uses a single account, factory Overhead, to record overhead costs ( Journal entry worksheet Record the fleed overhead spending vanane General Debit Oval Next