Please show calculation as well.

Problem 11-50 Overhead Variances; Journal Montreal Scholastic Supply Company uses a standard-costing system. The firm estimates that it will Entries (Appendix A) operate its manufacturing facilities at 800,000 machine hours for the year. The estimate for total bud(LO 11-5, 11-8) geted overhead is $2,000,000. The standard variable-overhead rate is estimated to be $2 per machine 1(a). Variable-overhead spendhour or $6 per unit. The actual data for the year are presented below. ing variance: $173,000U 2. Cost of goods sold (debit): Actual finished units Actual machine hours 250,000 $218,000 Actual variable overhead $1,701,000 Actual fixed overhead $392,000 Required: 1. Compute the following variances. Indicate whether each is favorable or unfavorable, where appropriate. a. Variable-overhead spending variance. b. Variable-overhead efficiency variance. c. Fixed-overhead budget variance. d. Fixed-overhead volume variance. 2. Prepare journal entries to - Record the incurrence of actual variable overhead and actual fixed overhead. - Add variable and fixed overhead to Work-in-Process Inventory. - Close underapplied or overapplied overhead into Cost of Goods Sold