Problem 4 (21 Marks) Teri's Furniture uses variance analysis to evaluate manufacturing overhead in its' table factory. The information for the May overhead expenditures is as follows: Budgeted output units 14,000 tables Budgeted fixed manufacturing overhead $22,400 Budgeted variable manufacturing overhead $3.00 per direct labour hour Budgeted direct manufacturing labour hours 0.2 hour per table Fixed manufacturing costs incurred $24,000 Direct manufacturing labour hours used 4,000 hours Variable manufacturing costs incurred $11,000 Actual units manufactured 15,000 tables Required: Variable manufacturing costs incurred Actual units manufactured 15,000 tables Required: a. Calculate the variable manufacturing overhead rate and efficiency variances; and, the fixed manufacturing overhead rate and production-volume variances. b. Prepare all necessary journal entries to record the actual costs, allocated costs, and variances. Keep variable and fixed entries separate