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Dverhead Applicatign, Cverhesd Variances, Mournal Entries Plimpton Company produces countertop ovens, Plimpton uses a standard costing system. The standard costing system relies on direct iabor hours to assign owerhead 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 bodgeted overhead for the coming year is as follows: Plimpton applies overhead on the basis of direct fabor hours. During the year, Pimpten produced 97,000 units, werked 196,000 direct tabor hours, and incurred actual fixed overhead costs of $780,100 and actual variable overheid costs of 5435,600 . Required 1. Calculate the standard fixed overhead rate and the standard variable overhesd rate, Round your answers to the nearest oent. Use rounded answers in the subsequent eemputations. 2. Compute the applied fixed overthead and the applied variable overthead, Use the applicabion rates from part (1) in your calculations, Fixist Variable 4 What is the total fixed overhead wariance? 1 What is the total variable overhead variance? I 3. Break down the total foced overhead variance into a spending variance and a volume variance. 4. Compute the varable overhead spending and efficiency variances. 5. Now assume that Plimpton's cost accounting system reveats only the total actual overhead. In this case, a three-variance anaiyels can be performed. Using the relaticnships between a three and four-variance aralysis, indicate the values for the three overhead variances, 3 more Check My Wook uses ramaining What is the total variable overheed variance? $ 3. Break down the total fixed overhead variance into a spending varlance and a volume variance. 4. Compute the variable overhead spending and efficiency variances. 5. Now assume that Plimpton's cost accounting system reveals only the total actual overhead. In this case, a three-wariance analysis can be performed. Using the relationships betweon a three- and four-variance analysis, indicate the values for the three overhed wariances. 6. Prepare journal entries (1) to apply overhead to production, (2) to record the actual dverthead costs incurred, (3) to record the variable and foved overhead variances, and (4) to close the variance accounts at the end of the yeac Assume variances are closed to Cost of Gocoss Sold, If an amount box does nok require an entry, levve it blank or enter " 0". a more Check My Work uses remaining