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A manufacturing company reports the following information for the year: $200,000 budget fixed overhead (depreciation on machinery) 10,000 planned sales and production (in units) 2 budget machine hours per output unit $194,000 actual fixed overhead (depreciation on machinery) 21,000 actual machine hours 10,500 actual sales and production (in units) Fixed overhead (FOH) is allocated using machine hours. The overhead rate for the year is $10 per machine hour. The company uses a standard cost system. The company closes all variances to cost of goods sold Required (A) Calculate FOH spending variance and FOH production volume variance (B) Provide all financial accounting entries for FOH including closing entries for variances Clearly indicate debits and credits