Simpson Manufacturing has the following standard cost sheet for one of its products: Direct materials Direct labor Variable factory overhead Fixed factory overhead Cost per unit Total 5 pounds at $2 per pound 2 hours at $25 per hour 2 hours at $5 per hour 2 hours at $20 per hour $ 10 50 10 40 $ 110 The company uses a standard cost system and applies factory overhead cost based on direct labor hours and determines the factory overhead rate based on a practical capacity of 400 units of the product. Simpson has the following actual operating results for the year just completed: Units manufactured Direct materials purchased and used Direct labor incurred Variable factory overhead incurred 380 1,900 pounds $ 20,900 850 hours 22,950 5,440 15,800 Fixed factory overhead incurred Before closing the periodic accounts, the (standard cost) entries in selected accounts follow: Account Work-in-process inventory Finished goods inventory Debit (total) Credit (total) $ 183,000 144,640 121,690 $ 144,640 121,690 Cost of goods sold Required: 1. Determine for the period the following items: a. Flexible budget for variable factory overhead cost based on output for the period. b. Total variable overhead cost applied to production during the period. c. Total budgeted fixed factory overhead cost. d. Total fixed factory overhead cost applied to production during the period. 2. Compute the following factory overhead cost variances using a four-variance analysis: a. Total variable overhead cost variance. b. Variable overhead spending variance. c. Variable overhead efficiency variance. d. Total underapplied or overapplied variable overhead. e. Fixed overhead spending variance. f. Fixed overhead production volume variance. g. Total fixed overhead cost variance. h. Total underapplied or overapplied fixed overhead.