ompute the following factory overhead cost variances using three-variance analysis Journal entry worksheet 5 Record the factory overhead variances assuming the firm uses the fourvariance analysis identified in Required 2. Note: Enter debits before credits. Determine for the period the following items: Journal entry worksheet 2345 Record the incurrence of factory overhead costs. Note: Enter debits before credits. Journal entry worksheet 5 Record the application of factory overhead to production. Note: Enter debits before credits. Journal entry worksheet Close all variances by prorating them to the inventory accounts and cost of goods sold. Note: Enter debits before credits. Simpson Manufacturing has the following standard cost sheet for one of its products: The company uses a standard cost system and applies factory overhead cost based on direct labor hours and determines the factory overhead rate based on a practical capacity of 400 units of the product. Simpson has the following actual operating results for the year just completed: Before closing the periodic accounts, the (standard cost) entries in selected accounts follow: Required: 1. Determine for the period the following items: a. Flexible budget for variable factory overhead cost based on output for the period. b. Total variable overhead cost applied to production during the period. c. Total budgeted fixed factory overhead cost. Compute the total overhead flexible-budget variance and the fixed overhead production volume variance using a two-variance analysis. Compute the following factory overhead cost variances using a four-variance analysis: Journal entry worksheet