$8-26$ Comprehensive variance analysis. $($LO $4)$ Magic Dice manufactures premium food processors. The following is some manufacturing overhead data for Magic Dice for the year ended December $31.$ BackThe table is as follows. Manufacturing Overhead Actual Results Flexible Budget Amount Allocated Variable $ $76,608$ $ $76,800$ $ $76,800$ Fixed $350,208348,096376,320$ Back Budgeted number of output units: $888$Planned allocation rate: $2$ machine$-$hours per unitActual number of machine$-$hours used: $1,824$Static$-$budget variable manufacturing overhead costs: $$71,040$RequiredCalculate the following quantities $($you should be able to do so in the prescribed order$)$: Budgeted number of machine$-$hours planned.Budgeted FMOH costs per machine$-$hour.Budgeted VMOH costs per machine$-$hour.Budgeted number of machine$-$hours allowed for actual output achieved.Actual number of output units.Actual number of machine$-$hours used per output unit. Check Figure: $1.$ Budgeted DMH$,2,664310$

$8-27$ Journal entries $($continuation of $8-26).($LO $1,2,4)$ Refer to Problem $8-26.$Required Prepare journal entries for VMOH and FMOH $($you will need to calculate the various variances to accomplish this$).$Overhead variances are written off to the COGS account at the end of the fiscal year. Show how COGS is adjusted through journal entries.