Question 8)(12 marks)

The following variances and selected account balances are known (or unknown) for X Co. for the year 2030:

Variable MOH Efficiency Variance

$53,650 F

Fixed MOH Spending Variance

$17,000 F

Variable MOH Spending Variance

$24,850 U

Production Volume Variance

$22,000 F

Fixed MOH Control

Fixed MOH Allocated

$621 ,ooo

Variable MOH Allocated Variable MOH Control

$520,500

Required:

Given the above information, record the following 2 entries only, for the year 2030:

1)Entry to record actual variable manufacturing overhead incurred.

2)Entry to record the isolation of fixed manufacturing overhead variances.