Gunter Company reported the following manufacturing overhead variances. Variable overhead cost variance Variable overhead efficiency variance Fixed overhead cost variance Fixed overhead volume variance 1. Record the journal entry to adjust Manufacturing Overhead. $ 320 F 458 U 667 U 625 F 2. Was Manufacturing Overhead overallocated or underallocated? Hints: a favorable cost variance is a contra expense and should be credited a unfavorable cost variance has a debit balance and should be classified as an expense