Riviera Beach Pink Flamingos has the following standards and flexible-budget data.

Standard variable-overhead rate $6.00 per direct-labor hour

Standard quantity of direct labor 2 hours per unit of output

Budgeted fixed overhead $100,000

Budgeted output 25,000 units

Actual results for April are as follows:

Actual output 20,000 units

Actual variable overhead $320,000

Actual fixed overhead $97,000

Actual direct labor 50,000 hours

Required: 1.Use the variance formulas to compute the following variances .Indicate whether each variance is favorable or unfavorable,where appropriate

(a)Variable-overhead spending variance.

(b)Variable-overhead efficiency variance.

(c)Fixed-overhead budget variance.

(d)Fixed-overhead volume variance.

2.What would be the Debit/Credit account name of the journal entry to:

Close underapplied or overapplied overhead in to Cost of Goods Sold