Foster Company has the following standards per finished unit for its product: Direct materials 3 lbs. @ $4.00 per lb. $12.00 Direct labor 2 hrs. @ $13.00 per hr. 26.00 Manufacturing overhead: Variable 2 Direct labor Hrs. @ $5.00 10.00 Fixed 2 DLH @ $7.00 per DLH 14.00 Total standard cost per unit $62.00 Results for March were: Budgeted units of production Actual units produced Direct materials purchases Direct materials used in production Direct labor incurred Actual variable overhead Budgeted fixed overhead Actual fixed overhead Required: a. b. C. 4,000 3,800 14,000 lbs. @ $3.75 per lb. 12,600 lbs. $39,400 7,200 hrs. @ $13.50 per hr. $ ? $52,700 Compute the total budgeted fixed overhead. Calculate the standard labor hours allowed for actual production (SQA). (That is, how many labor hours should it have taken to make the actual units produced based on the standard for direct labor hours?) Compute the following variances for March: 1. 2. variable overhead spending variance variable overhead efficiency variance 3. fixed overhead spending variance 4. fixed overhead production volume variance d. Prepare journal entries to record the following the transactions and variances under a standard costing system: 1. Variable and fixed overhead incurred. 2. Variable and fixed overhead allocated to production 3. Close variable overhead accounts and record VOH variances 4. Close fixed overhead accounts and record FOH variances