Required information SB (Algo) The Platter Valley factory of Bybee Industries... [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 $10,080 variable factory overhead cost, $93,600 for fuxed factory overhead cost and 2,400 direct labor hours (its practical capacity) to manufacture 4,800 pairs of boots in March. The factory used 4,500 direct labor hours in March to manufacture 4,600 pairs of boots and spent $17,600 on variable ovethead during the month. The actual fixed overhead cost incurred for the month was $97,400. Exercises 15-30 (Algo) Fixed Factory Overhead Cost Variances; Journal Entries [LO 15-2, 15-3] Required: 1. Compute the fixed overhead spending (budget) variance and the production volume variance for March and indicate whether each. variance is favorable (F) or unfavorable (U). 2. Compute the fixed overhead flexible-budget variance for March is this vartance favorable (F) or unfavorable (U)? 3. Provide the appropriate journal entry to record the fixed overhead spending vanance and the appropriate journal entry to record the production volume variance for March. Assume that the company uses a single iccount, Factory Overhead, to record overhesd costs. Complete this question by entering vour answers in the tabs below. Compute the fixed overhead spending (budget) variance and the production volume variance for March and indicate whether each variance is favorable (F) or unfavorable (U)