Riverbed Company allocates overhead on the basis of direct labour hours. Two direct labour hours are required for each unit of product. Planned production for the period was set at 8,500 units. Manufacturing overhead is estimated at $136,000 for the period (with 20% of this cost being fixed). The 16,300 hours worked during the period resulted in the production of 8,000 units. The variable manufacturing overhead cost incurred was $109,300, and the fixed manufacturing overhead cost was $28,100.

REQUIRED:

(e) Prepare journal entries to close these variances at the end of the period. (Credit account titles are automatically intended whwn the amount is entered. Do not intend manually. If no entry is required, select "No Entry"for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit (To record variable manufacturing overhead cost incurred.) (To record variable overhead work in process.) (To record variable overhead variances.) (To record fixed manufacturing overhead cost incurred.) (To record fixed overhead work in process.) (To record fixed overhead variances.) (To close all variance accounts at the end of the period.)