Required information (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 $14,160 variable factory overhead cost, $88,800 for fixed factory overhead cost and 2,400 direct labor hours (its practical capacity) to manufacture 4,800 pairs of boots in March. The factory used 2,800 direct labor hours in March to manufacture 4,700 pairs of boots and spent $15,900 on variable overhead during the month. The actual fixed overhead cost incurred for the month was $90,900. The Platter Valley factory of Bybee Industries currently uses a four-variance analysis of the total factory overhead cost variance but is thinking of changing to a three-variance analysis. Required: 1. Compute the total overhead spending variance, the (variable overhead) efficiency variance, and the production volume variance for March and indicate whether each variance is favorable (F) or unfavorable (U). 2. Prepare the appropriate journal entries at the end of March to record each of the following: (a) the total overhead spending variance, (b) the (variable overhead) efficiency variance, and (c) the production volume variance. Assume that all overhead costs are recorded in a single account called "Factory Overhead." X Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the total overhead spending variance, the (variable overhead) efficiency variance, and the production volume variance for March and indicate whether each variance is favorable (F) or unfavorable (U). Spending Variance 2,100 Unfavorable Efficiency Variance 2,655 Unfavorable Production Volume Variance Unfavorable $ Required 1 Required 2 Prepare the appropriate journal entries at the end of March to record each of the following: (a) the total overhead spending variance, (b) the (variable overhead) efficiency variance, and (c) the production volume variance. Assume that all overhead costs are recorded in a single account called "Factory Overhead." (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Show less No Transaction General Journal Debit Credit 1 a Total overhead spending variance Factory overhead 2 b 2,655 Variable overhead efficiency variance Factory overhead 2,655 3 Production volume variance Factory overhead