olte Corporation produces small electric appliances. The following information is available for the most recent period of perations: Volte never has any work-in-process Inventories and began the year with no finished goods inventory. Required: a. and b. What was the variable overhead price variance and the variable overhead efficlency variance for the period? c. Assume that Volte writes off all variances to Cost of Goods Sold. Prepare the entries Volte would make to record and close out the variances. d. Assume that Volte prorates all variances to appropriate accounts. Prepare the entries Volte would make to record and close out the variances. Complete this question by entering your answers in the tabs below. What was the variable overhead price variance and the variable overhead efficiency variance for the period? Note: Indicate the effect of each variance by selecting "F" for favorable, or " U " for unfavorable. If there is no effect, do not select either option. Assume that Volte writes off all variances to Cost of Goods Sold. Prepare the entries Volte would make to record and close variances. Wote: If no entry is required for a trancaction/event, select wo joumal entry required in the first account field. Journal entry worksheet Record the purchase and use of variable overhead resources at an actual cost of $97,500 and the transfer to work in process at a standard cost of $2.60 per direct labor-hour. Note: Enter debitt before credits. Journal entry worksheet Socard the dosure of vartatle cvertead cost variances to Cost of Goods Sold. Journal entry worksheet Record the purchase and use of variable overhead resources at an actual cost of $97,500 and the transfer to work in process at a standard cost of $2.60 per direct labor-hour. Note: Enter debits before credits. Journal entry worksheet Record the closure of variable overhead cost variances. Note: Enter debits before credits