Required information [The following information applies to the questions displayed below.] Alvarez Company for the current period shows a $38,000 favorable volume variance and a $65,800 unfavorable controllable variance. Standard overhead applied for the period is $235,000. Alvarez records standard costs in its accounts. Prepare the journal entry to charge overhead costs to the Work in Process Inventory account and to record any variances. Journal entry worksheet Record overhead applied to production and overhead variances: Nate: Enter debits before credits