Required information and the efficiency variance for variable factory overhead for March and state whether each varianc

is favorable $($F$)$ or unfavorable $($U$).$

Provide the appropriate journal entry to record the variable overhead spending variance and a

second entry to record the variable overhead efficiency variance for March. Assume that the

company uses a single account, Factory Overhead, to record overhead costs.

Complete this question by entering your answers in the tabs below.

Provide the appropriate journal entry to record the variable overhead spending variance and a second

overhead efficiency variance for March. Assume that the company uses a single account, Factory Overt

no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field

Journal entry worksheet

A

B

Record the variable overhead spending variance.

Note: Enter debits before credits. Journal entry worksheet

A

B

Record the variable overhead efficiency variance.

Note: Enter debits before credits.

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$[$The following information applies to the questions displayed below.$]$

The Platter Valley factory of Bybee Industries manufactures field boots. The cost of each boot includes direct materials, direct labor, and manufacturing $($factory$)$ overhead. The firm traces all direct costs to products, and it assigns overhead cost to products based on direct labor hours.

The company budgeted $$10,120$ variable factory overhead cost, $$94,300$ for fixed factory overhead cost and $2,300$ direct labor hours $($its practical capacity$)$ to manufacture $4,600$ pairs of boots in March.

The factory used $4,300$ direct labor hours in March to manufacture $4,400$ pairs of boots and spent $$17,400$ on variable overhead during the month. The actual fixed overhead cost incurred for the month was $$97,900.$

$($DLH $=$ Direct Labor Hours, FB $=$ Flexible Budget, AQ $=$ Actual Quantity, SQ $=$ Standard Quantity, AP $=$ Actual Price, AH $=$ Actual Hours, SH $=$ Standard Hours, and SP $=$ Standard Price$)$

Required:

$1.$ Compute the factory overhead flexible$-$budget variance, the factory overhead spending variance, and the efficiency variance for variable factory overhead for March and state whether each variance is favorable $($F$)$ or unfavorable $($U$).$

$2.$ Provide the appropriate journal entry to record the variable overhead spending variance and a second entry to record the variable overhead efficiency variance for March. Assume that the company uses a single account, Factory Overhead, to record overhead costs.Required:

Compute the factory overhead flexible$-$budget variance, the factory overhead spending varian

and the efficiency variance for variable factory overhead for March and state whether each varia

is favorable $($F$)$ or unfavorable $($U$).$

Provide the appropriate journal entry to record the variable overhead spending variance and

second entry to record the variable overhead efficiency variance for March. Assume that the

company uses a single account, Factory Overhead, to record overhead costs.

Complete this question by entering your answers in the tabs below.

Required $1$

Compute the factory overhead flexible$-$budget variance, the factory overhead spending variance, an

for variable factory overhead for March and state whether each variance is favorable $($F$)$ or unfavora