Following information has been extracted from the records of Mashallah Paper Limited (MPL) for the month of June 2017: Production (Units) Variable & Fixed Overheads (Rs) Available capacity Budget Actual Direct Labor (Hours) 30,000 24,000 25,000 10,000 8,000 8,600 3,600,000 3,900,000 Fixed overheads were budgeted at Rs. 1,200,000. Applied fixed overheads exceeded actual fixed overheads by Rs. 20,000 Over/under applied factory overheads are charged to profit and loss account. Required: (1) Prepare accounting entries to record the factory overheads. (ii) Analyse under/over applied overheads into expenditure, efficiency and capacity variances