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 $10,125 variable factory overthead cost, $90,000 for foxed factory overhead cost and 2,250 direct labor hours (its practical capacity) to manufacture 4.500 pairs of boots in March The factory used 4.200 direct labor hours in March to manufacture 4,300 pairs of boots and spent $17,300 on variable overhead during the month. The actual fixed overhead cost incurred for the month was $93,500 Required: 1. Compute the factory overhead flexible-budget variance, the factory overhead spending variance, and the efficiency variance for varable factory overhead for March and state whether each variance is favorable (P) or unfavorable (U) 2. Provide the appropriate journal entry to record the variable overhead spending variance and a second entry to record the voriable overhead efficiency variance for March Assume that the company uses a single account, Factory Overhead, to record overthead costs Complete this question by entering your answers in the tabs below. 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 varlance is favorable ( F ) or unfavorable (U). The factory used 4,200 direct labor hours in March to manufacture 4,300 pairs of boots and spent $17,300 on variable overhead during the month. The actuat fixed overthead cost incurred for the month was $93.500. Required: Compute the foctory overhead flexble-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. Complete this question by entering your answers in the tabs betow. 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 usens a single account, Factory overhead, to record overthead costi. (II) no entry is required for a transaction/event, select "No joumat entry required" in the fint account field.) Journal entry worksheet Fotei fnter dsbas betore credas Provide the appropriate journal entry to record the variable over head spending variance and a second entry to record the variablo overhead efficiency variance for March. Assume that the company uses a single account, Factory Overhead, to record overhead costs. (if no entry is required for a tansaction/event, select "No joumal entry required" in the first account field.) Journal entry worksheet Record the variable overhead efficiency variance. Note: Enter debits before credits
