Gadget Whiz manufactures premium food processors. The following are some manufacturing overhead (MOH) data for Gadget Whiz for the year ended December 31, 2020: (Click the icon to view the data.) 1 Data Table X Read the requirements. Requirement 1. Prepare journal entries for variable and fixed manufacturing overhead (you will need to calculate the various variances to acco Actual Flexible Static Allocated Begin by calculating the following amounts for the variable overhead that will be used to calculate the various variances. Results Budget Budget Amount Actual Costs Actual Input x Allocated Output units 636 604 Incurred Budgeted Rate Flexible Budget Overhead Machine-hours 1,145 1,908 1,812 Variable MOH Machine-hours per output unit 1.80 3.00 Now complete the table below for the fixed manufacturing overhead that will be used to calculate the various variances. Variable MOH costs $ 50,380 $ 78,228 $ 74,292 $ 78,228 Same Budgeted Variable MOH costs per machine-hour $ 41.00 Lump Sum Actual Costs Regardless of Allocated Fixed MOH costs $ 350,210 $ 349,716 $ 376,290 Incurred Output Level Flexible Budget Overhead Fixed MOH costs per machine-hour $ 193.00 Fixed MOH Now complete the 4-variance analysis using the amounts you calculated above. (If no variance exists leave the dollar value blank, Label the var Print Done Production-Volume 4-Variance Analysis Spending Variance Efficiency Variance Variance i X Requirements Variable MOH Fixed MOH Prepare journal entries for variable and fixed manufacturing overhead. (Record debits first, then credits. Exclude explanations from any journal entries 1. Prepare journal entries for variable and fixed manufacturing overhead (you will need to calculate the various variances to accomplish this). Record the actual variable manufacturing overhead incurred. 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 Journal Entry entries. Date Accounts Debit Credit Print Done ? Choose from any list or enter any number in the input fields and then continue to the next