Required Information [The following information applles 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 $11,925 varlable factory overhead cost, $96,750 for fixed factory overhead cost and 2,250 direct labor hours (Its practical capacity) to manufacture 4,500 pairs of boots in March. The factory used 3,400 direct labor hours in March to manufacture 4,100 palrs of boots and spent $16,500 on varlable overhead during the month. The actual fixed overhead cost incurred for the month was $99,450. Required: 1. Compute the factory overhead flexible-budget varlance, the factory overhead spending varlance, and the efficlency varlance for varlable factory overhead for March and state whether each varlance is favorable (F) or unfavorable (U). 2. Provide the approprlate journal entry to record the varlable overhead spending varlance and a second entry to record the varlable overhead efficlency varlance for March. Assume that the company uses a single account, Factory Overhead, to record overhead cosi Answer is complete but not entirely correct. 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 variance is favorable (F) or unfavorable (U)