A manufacturing company uses a standard costing system. The company allocates variable overhead (VOH) using machine hours. The budget (standard) machine time is 2 hours per output unit. The overhead allocation rate appears below: $ 10 VOH per machine hour Foll Actual results for the year appear below: $ 192,000 VOH (Cash) 18,900 machine hours 9,000 units produced Required (A) Calculate the following variances: VOH spending variance; VOH efficiency variance (B) Provide all financial accounting entries for VOH including closing entries for variances Clearly indicate debits and credits A manufacturing company reports the following information for the year: $200,000 budget fixed overhead (depreciation on machinery) 10,000 planned sales and production (in units) 2 budget machine hours per output unit $194,000 actual fixed overhead (depreciation on machinery) 21,000 actual machine hours 10,500 actual sales and production (in units) Fixed overhead (FOH) is allocated using machine hours. The overhead rate for the year is $10 per machine hour. The company uses a standard cost system. The company closes all variances to cost of goods sold Required (A) Calculate FOH spending variance and FOH production volume variance (B) Provide all financial accounting entries for FOH including closing entries for variances Clearly indicate debits and credits