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 drect 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 vanable factory overhead cost $93.600 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 4,500 direct labor hours in March to manufacture 4,600 pairs of boots and spent $17600 on variable overhead during the month. The actual fixed overhead cost incurred for the month was $97400 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 variance favorable (F) or unfavorable (U)? 3. Provide the appropriate journal entry to record the fixed overhead spending variance and the appropriate journal entry to record the production volume variance for March Assume that the company uses a single account, Factory Overhead, to record overhead costs 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 variance favorable (F) or unfavorable (U)? 3. Provide the appropriate journal entry to record the fixed overhead spending variance and the appropriate journal entry to record the production volume 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 below. Required 1 Required 2 Required 3 Compute the fixed overhead spending (budget) variance and the production volume vanance for March and indicate whether each variance is favorable (F) or unfavorable (U). Spending variance Production volume variance Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the fixed overhead flexible-budget variance for March. Is this variance favorable (F) or unfavorable (U)? Fored overhead flexie-budget variance Provide the appropriate journal entry to record the foued overhead spending variance and the appropriate journal entry to record the production volume variance for March Assume that the company uses a single account, Factory Overhead, to record overhead costs no entry is required for a transaction/event, select "No joomal entry required in the first account field.) View transaction list Journal entry worksheet Record the fixed overhead spending variance Note: Enter debts before credits General Journal Debit Credit Transaction 1 Record entry Clear entry View general journal
