Overhead Application, Overhead Varlances, Journal Entries Plimpton Company produces countertop ovens. Plimpton uses a standard costing system. The standard costing system relies on direct labor hours to assign overhead costs production. The direct labor standard indicates that two direct labor hours should be used for every oven produced. The normal production volume is 100,000 units. The budgeted overhead for the coming year is as follows: Fixed overhead Variable overhead $770,000 444,000 At normal volume. Plimpton applies overhead on the basis of direct labor hours. During the year, Plimpton produced 97,000 units, worked 196,000 direct labor hours, and i of $435,640. Required: ncurred actual fixed overhead costs of $780,000 and actual variable overhead costs Use rounded answers ih the subsequent and the standard variable overhead rate. Round your answers to the nearest cent. 1. Calculate the standard fixed overhead rate computations. fixed overhead rate3.85 per direct labor hour per direct labor hour Standard variable overhead rate 2.22 2. Compute the applied fixed overhead and the applied variable overhead. Use the application rates from part (1) in your calculations. Fixed Variable430,680 746,900 What is the total fixed overhead variance? $33,100Unfavorable