Required Information [The following Information applies to the questions displayed below.] The Platter Valley factory of Bybee Industrles manufactures field boots. The cost of each boot Includes direct materlals, 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 $10,535 varlable factory overhead cost, $88,150 for fixed factory overhead cost and 2,150 direct labor hours (Its practical capacity) to manufacture 4,300 palrs of boots In March. The factory used 4,000 direct labor hours In March to manufacture 4,100 palrs of boots and spent $17,100 on varlable overhead during the month. The actual fixed overhead cost Incurred for the month was $91,450. Required: 1. Compute the fixed overhead spending (budget) varlance and the production volume varlance for March and Indicate whether each varlance is favorable (F) or unfavorable (U). 2. Compute the fixed overhead flexible-budget varlance for March. Is this varlance favorable (F) or unfavorable (U)? 3. Provide the approprlate journal entry to record the fixed overhead spending varlance and the approprlate journal entry to record the production volume varlance 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. 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)