Presented below is a flexible manufacturing overhead budget for Concord Manufacturing, which manufactures fine timepieces: Activity Index: Standard direct labor hours Variable costs Indirect materials Indirect labor Utilities Total variable Fixed costs Supervisory salaries Rent Total fixed Total costs 3,160 $ 6,320 3,634 8,216 18,170 1,270 3,180 4,450 $ 22,620 3,560 $ 7,120 $ 7,920 $ 4,094 9,256 20,470 1,270 3,180 4,450 3,960 $ 24,920 4,554 10,296 22,770 1,270 3,180 4,450 $ 27,220 4,360 8,720 5,014 11,336 25,070 1,270 3,180 4,450 $ 29,520

The company applies the overhead on the basis of direct labor hours at $7.00 per direct labor hour and the standard hours per timepiece is 1/2 hour each. The company's actual prodiction was 6,120 timepieces with 3,060 actual hours of direct fabor. Normal capacityis 3.560 hours. Actual overhead was $22,800. () Your Answer Correct Anwwer (Used) Your answer is partially correct. Compute the controllable and volume overhead variances. Identify whether each variance is favorable or unfavorable. (Round rote volues to 2 decimal ploces, es. 2.75 and final answers to 0 decimal places, es 5,275.) Controllable Overhead Variance is Overhead Volume Variance Prepare the entries for manufacturing overhead during the period aind the entry to recognize the overhead variances at the end of the period. (Credit account titles are outamatically indented when the amount is entered. Do not indent manualiy. List all debit entries before ereditentries, Round answers to O decimal places es 5,275) No. Account Titles and Explanation 1. 1. (To record overhead incurred) 2. Debit (To record overhead incurred) Credit 3. (To recognize overthead variances) Presented below is a flexible manufacturing overhead budget for Concord Manufacturing, which manufactures fine timepieces: Activity Index: Standard direct labor hours Variable costs Fixed costs