Overhead Varance, Four-Varance Analysis, Journal Entries Janson, Inc, uses a standard costing system. The predetermined overhead rates are calculated using practical capacity. Practical capacity for a year is defined as 100,000 units requring 20,000 standard direct labor hours Budgeted over and for the year is $76,000, of which $30,000 foed overhead. During the year 96.000 units were produced in 19,000 dict tabor hours. Actual annual overhead costs totaled $80,000, of which $29,600 is foed overhead. Required: 1. Cut the forced head spending and volume varances Fard Overtrend Spending Variatice Ficed Overhead Volume Varance . 2. Calculate the vale overhead spending and ethicietcy vari Variable Overhead Spending Varance Vinable Overhead Efficiency Variance 3. Prepare the journal arts that reflect the following Assignment of overhead to production Recognition of the currence of actual overhead c Recognition of overhead vanances . Closing out overtad variances, assuming they are not material Notes Close the variances with a debit balance first. For compound entries, il an amount hox does not require an entry, leave it blank