Overtiest Wertances, FourNarterice Analyside foureai Entries annual overhead costs toteled 580,000 , or which $29,600 is fived ovetheed. Required: 1. Calcuiate the twos everhead spending and volume votiences. 2. Calculate the variable overhead spending and sficiency varionce1. fentare Firist he Wor AFOH, and the volume variance - Eudgetfd fixed OH = Applied fasd Cit. 3. Prepare the journal antrias that rellect the foliowing: a. Assipnment of everhead to production b. Recognition of the incurrence of actusl ovenead e. Recegeibon of overhead variances 4. Clasifig out bverhead variances, otsuming they are iot material 3. Prepare the journal entries that refect the following: a. Assignment of overhead to production b. Recognition of the incurrence of actual overhead c. Recogrition of overhead variances d. Closing out overhead yariances, assuming they are not material