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The Platter Valley factory of Bybee Industries manufactures field boots. The cost of each boot includes direct materials, direct labor, and manufacturing (factory) overhead. The firm traces all direct costs to products, and it assigns overhead cost to products based on direct labor hours. The company budgeted $10,710 variable factory overhead cost, $94,500 for fixed factory overhead cost and 2,100 direct labor hours (its practical capacity) to manufacture 4,200 pairs of boots in March. The factory used 3,600 direct labor hours in March to manufacture 3,900 pairs of boots and spent $16,700 on variable overhead during the month. The actual fixed overhead cost incurred for the month was $97,400. Required: 1. Compute the fixed overhead spending (budget) variance and the production volume variance for March and indicate whether each variance is favorable (F) or unfavorable (U). 2. Compute the fixed overhead flexible-budget variance for March. Is this variance favorable (F) or unfavorable (U)? 3. Provide the appropriate journal entry to record the fixed overhead spending variance and the appropriate journal entry to record the production volume variance for March. Assume that the company uses a single account, Factory Overhead, to record overhead costs. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the fixed overhead spending (budget) variance and the production volume variance for March and indicate whether each variance is favorable (F) or unfavorable (U). Spending variance Production volume variance Required 1 Required 2 Required 3 Compute the fixed overhead flexible-budget variance for March. Is this variance favorable (F) or unfavorable (U)? Fixed overhead flexible-budget variance Favorable Unfavorable Provide the appropriate journal entry to record the fixed overhead spending variance and the appropriate journal entry to record the production volume variance for March. Assume that the company uses a single account, Factory Overhead, to record overhead costs. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Show less View transaction list Journal entry worksheet Record the fixed overhead spending variance. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 No journal entry required Accumulated depreciation - Factory Cost of goods sold Record the production volume variance. Note: Enter debits before credits. General Journal Debit Credit Transaction 2. . Factory overhead Finished goods inventory Fixed overhead spending variance Production volume variance Salaries payable Record entr View general journal Total floriblo budant varianco Journal entry worksheet Record the production volume variance. Note: Enter debits before credits. Transaction General Journal Debit Credit 2 Total flexible budget variance Utilities payable Variable overhead efficiency variance Variable overhead spending variance Record entr Work in process inventory View general journal
