8-29 Comprehensive variance analysis. Magic Dice manufactures premium food processors. The fol- lowing is some manufacturing overhead data for Magic Dice for the year ended December 31, 2018. Manufacturing Overhead Variable Fixed Actual Results $76,608 350,208 Flexible Budget $76,800 348,096 Budgeted number of output units: 888 Planned allocation rate: 3 machine-hours per unit Actual number of machine-hours used: 1,824 Static-budget variable manufacturing overhead costs: $71,040 Amount Allocated $76,800 376,320 Required Calculate the following quantities (you should be able to do so in the prescribed order): 1. Budgeted number of machine-hours planned. 2. Budgeted FMOH costs per machine-hour. 3. Budgeted VMOH costs per machine-hour. 4. Budgeted number of machine-hours allowed for actual output achieved. 5. Actual number of output units. 6. Actual number of machine-hours used per output unit. 8-30 Journal entries (continuation of 8-29). Refer to Problem 8-29. Required 1. Prepare journal entries for VMOH and FMOH (you will need to calculate the various variances to accomplish this). 2. Overhead variances are written off to the COGS account at the end of the fiscal year. Show how COGS is adjusted through journal entries. 0240