Cooking Whiz manufactures premium food processors. The following are some manufacturing overhead (MOH) data for Cooking Whiz for the year ended December 31, 2020: (Click the icon to view the data.) Read the requirements. Requirement 1. Prepare journal entries for variable and fixed manufacturing overhead (you will need to calculate the various variances to accomplish this). Begin by calculating the following amounts for the variable overhead that will be used to calculate the various variances. Variable MOH Actual Costs Incurred Actual Input x Budgeted Rate Flexible Budget Allocated Overhead Data table Requirements 1. Prepare journal entries for variable and fixed manufacturing overhead (you will need to calculate the various variances to accomplish this). 2. Overhead variances are written off to the Cost of Goods Sold (COGS) account at the end of the fiscal year. Show how COGS is adjusted through journal entries. Output units Machine-hours Machine-hours per output unit Variable MOH costs Variable MOH costs per machine-hour Fixed MOH costs Fixed MOH costs per machine-hour Actual Flexible Results Static Allocated Budget Budget Amount 960 915 1,632 1,920 1,830 1.70 2.00 $ 71,808 $ 80,640 $ 76,860 $ 80,640 $ 42.00 $ 360,672 $ 351,360 $ 368,640 $ 192.00 Print Done Print Done - X