2. Two-variance overhead analysis Factory overhead for Elizabeth Company has been estimated as follows: (38 points) Fixed factory overhead $50,000 Variable factory overhead $105,000 Estimated direct labor hours 25,000 Production for the month reached 110% of the budget, and actual factory overhead totaled $169,000. Factory overhead for Elizabeth Company has been estimated as follows: (38 points) Fixed factory overhead $50,000 Variable factory overhead S105,000 Estimated direct labor hours 25,000 Production for the month reached 110% of the budget, and actual factory overhead totaled $169,000. Instructions: (1) Determine the amount of over or underapplied factory overhead. (12 points) (2) Determine the flexible-budget and production-volume variances. (14 points) (3) Prepare a journal entry to record factory overhead under two-variance analysis method. (12 points)