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Overhead Application, Overhead Variances, 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 to 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 *At normal volume. $770,000 446,000 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 incurred actual fixed overhead costs of $780,000 and actual variable overhead costs of $437,560. Required: 1. Calculate the standard fixed overhead rate and the standard variable overhead rate. Round your answers to the nearest cent. Use rounded answers in the subsequent computations. Standard fixed overhead rate 3.85 per direct labor hour Standard variable overhead rate $ 2.23 per direct labor hour 2. Compute the applied fixed overhead and the applied variable overhead. Use the application rates from part (1) in your calculations. Fixed $ 746,900 Variable $ 432,620 What is the total fixed overhead variance? $ 33,100 Unfavorable What is the total variable overhead variance? $ 4,940 Unfavorable 3. Break down the total fixed overhead variance into a spending variance and a volume variance. Spending Variance 10,000 Unfavorable Volume Variance 23,100 Unfavorable 4. Compute the variable overhead spending and efficiency variances. Spending Variance 420 X Unfavorable Efficiency Variance 4,460 Unfavorable 5. Now assume that Plimpton's cost accounting system reveals only the total actual overhead. In this case, a three-variance analysis can be performed. Using the relationships between three- and four-variance analysis, indicate the values for the three overhead variances. Volume variance 23,100 Unfavorable Variable overhead efficiency variance 4,460 Unfavorable Spending variance 10,420 X Unfavorable 6. Prepare journal entries (1) to apply overhead to production, (2) to record the actual overhead costs incurred, (3) to record the variable and fixed overhead variances, and (4) to close the variance accounts at the end of the year. Assume variances are closed to Cost of Goods Sold. If an amount box does not require an entry, leave it blank or enter "O". 1. Work in Process 1,179,520 Variable Overhead Control 432,620 Fixed Overhead Control 746,900 2. Variable Overhead Control 437,560 Fixed Overhead Control 780,000 Various Accounts 1,217,560 3. Fixed Overhead Spending Variance 10,000 Fixed Overhead Volume Variance 23,000 x Variable Overhead Spending Variance 420 x Variable Overhead Efficiency Variance 4,460 Fixed Overhead Control 33,100 Variable Overhead Control 4,880 X 4. Cost of Goods Sold 37,980 x Fixed Overhead Spending Variance 10,000 Fixed Overhead Volume Variance 23,100 Variable Overhead Spending Variance 420 x 4,460 Variable Overhead Efficiency Variance