eBook Calculator Overhead Application, Overwad Varances, Journal Entries Plimpton Company produces countertop ovens. Plimptonnes a standard costing system. The standard costing wystem relies on drect labor hours to an averhead costs to production. The direct labor standard indicates that two direct labor hours should be used for every oven produced. The normal production volume is 100,000 units. The budgeted overhead for the coming year was follow Fixed overhead $770,000 Variable avechend 446,000 At normal volume Pimpton applies overhead on the basis of direct labor hours. During the year, Plumpton produced 97,000 units, worked 196,000 direct labor hous, and incurred actual foued overhead costs of $780, 100 und actual variatiewetent costs of $437.580 Required: 1. Calculate the standard fixed overhead rate and the standard variable overhead rate. Round your answers to the nearest cente rounded in the comutations Standard fixed overhead rate Standard variable overhead rate 3.8 X per direct labor hour 2.23 per direct labor hour 2. Compute the applied foed overhead and the applied variable overhead. Use the application rates from part() in your callations Feed 744,800 x Variable 437,080 X Check My Work more Check My Work uses romaning Sus for eBook Calculator What is the total fixed overhead variance? $ 25,700 X Unfavorable What is the total variable overhead variance? 460 X Unfavorable 3. Break down the total foed overhead variance into a spending variance and a volume variance Spending Variance 10,500 X Unfavorable Volume Variance 15,200 X Unfavorable 4. Compute the variable overhead spending and efficiency vanances Spending Variance Unfavorable Ethiciency Variance Unfavorable S. Now assume that upton's cost accounting system reveals only the total actual overhead. In this case, a terance analyses can be performed. Using the return between a three and four-variance analysis, indicate the values for the three overhead variances Volume variance Unfavorable Variable overhead efficiency variance Unfavorable Spending variance Unfavorable Check My Wok more Chede Work uses rema dicator Prepare journal entries (1) to apply overhead to production, (2) to record the actual overhead costs incurred, (3) to record the variable and fixed overhead variances, and ose the variance accounts at the end of the year. Assume vanances are closed to Cost of Goods Sold. If an amount box does not require an entry, leave it blank or entero 1. Work in Process Variable Overhead Control Fixed Overhead Control Variable Overhead Control Fixed Overhead Control Cost of Goods Sold X 3. Fixed Overhead Spending Variance Fixed Overhead Volume Variance 001 IIIIII III III DII IIIIII III III Variable Overhead Control x Hxed Overhead Control x Fixed Overhead Control Variable Overhead Control 4. Cost of Goods Sold Fixed Overhead Spending Variance Feed Overhead Volume Variante Check My Work 3 ore Check My Workestering