Required information SB 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 $9,600 variable factory overhead cost and 2,000 direct labor hours to manufacture 4,000 pairs of boots in March. The factory used 3,700 direct labor hours in March to manufacture 3,800 pairs of boots and spent $16,800 on variable overhead during the month For March, the Platter Valley factory of Bybee Industries budgeted $92,000 for fixed factory overhead cost. Its practical capacity is 2,000 direct labor hours per month (to manufacture 4,000 pairs of boots). The factory used 3,700 direct labor hours in March to manufacture 3,800 pairs of boots. The actual fixed overhead cost incurred for the month was $95,000. Exercises 15-32 Two-Variance vs. Four-Variance Breakdown of the Total Factory Overhead Cost Variance [LO 15-2] The Platter Valley factory of Bybee Industries uses a two-variance analysis of the total factory overhead variance. Required: 1. Compute the total flexible-budget variance for overhead and the production volume variance for March. What was the total factory overhead cost variance for March? Indicate whether each variance is favorable (F) or unfavorable (U). 2. Determine the three components of the total flexible-budget variance for overhead (i.e., the variable overhead spending variance, the variable overhead efficiency variance, and the fixed overhead spending variance); in addition, show the production volume variance for March. Indicate whether each variance is favorable (F) or unfavorable (U). Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the total flexible-budget variance for overhead and the production volume variance for March. What was the total factory overhead cost variance for March? Indicate whether each variance is favorable (F) or unfavorable (U). Total flexible-budget variance $ 9,950 Favorable Production volume variance Total overhead cost variance $ 2,392 7,558 Favorable Unfavorable 000 Required 2 > Required 1 Required 2 Required 2 Determine the three comportants of the total flexible-budget variance for overhead (i.e., the variable overhead spending variance, the variable overhead efficiency variance, and the fixed overhead spending variance); in addition, show the production volume variance for March. Indicate whether each variance is favorable (F) or unfavorable (U). Variable overhead spending variance 962 Variable overhead efficiency variance $ 7,910 Fixed overhead spending (budget) variance Production volume variance $ Favorable Unfavorable 3,000 Unfavorable 2.392 Favorable