Simpson Manufacturing has the following standard cost sheet for one of its products Direct materials Direct labor variable factory overhead Tixed factory overhead Coat per unit $ pounds at $2 per pound 2 hours at $25 per hour 2 hours at 55 per hour 2 hours at 520 per hour Total $ 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: Unita manufactured Direct materials purchased and seed Direct Inbor incurred Variable factory overhead incurred Fixed factory overhead incurred 354 1.770 pounds $19,470 20 hours 24, 040 5,000 15,000 Before closing the periodic accounts, the (standard cost) entries in selected accounts follow: Account Work-in-process inventory Pinished goods inventory Coat of goods sold Debit (total) 5204.000 151,640 128,690 Credit total) $ 151,640 128,690 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 Fixed overhead production volume variance. 9. Total fixed overhead cost variance. n. Total underapplied or overapplied fixed overhead. 3. Compute the following factory overhead cost variances using three-variance analysis: a. Overhead spending variance. b. Overhead efficiency variance. c. Fixed overhead production volume variance. 4. Compute the total overhead flexible-budget variance and the fixed overhead production volume variance using a two variance analysis. 5. Using a single overhead account (e.g. Factory Overhead), make proper journal entries for: a. Incurrence of factory overhead costs. b. Application of factory overhead costs to production c. Identification of overhead Variances assuming that the firm uses the four variance analysis identified in requirement 2. d. Close all factory overhead cost items and their variances of the period it (1) The firm closes all variances to the Cost of Goods Sold account (2) The firm prorates variances to the inventory accounts and the Cost of Goods Sold account Complete this question by entering your answers in the tabs below. Required 5 Required: Required 2 Required 3 Required 4 Determine for the period the following items: Flexible budget for variable factory overhead cost based on output for the period b Total variable overhead cost applied to production during the period Total budgeted fixed factory overhead cost d. Total fixed factory overhead cost applied to production during the period Rad Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Compute the following factory overhead cost variances using a four-variance analysis: - Total variable overhead cost variance b. Variable overhead spending variance Variable overhead efficiency variance d. Total underapplied or overapplied variable overhead Fixed overhead spending variance 1 Fixed overhead production volume variance 9 Total fixed overhead cost variance Total underapplied or overapplied fixed overhead Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Compute the following factory overhead cost variances using three-variance analysis: a. Overhead spending variance b. Overhead officiency variance c. Fixed overhead production volume variance Complete this question by entering your answers in the tabs below. Required 3 Required 5 Required 1 Required 2 Required Compute the total overhead flexible-budget variance and the fixed overhead production volume variance using a two-variance analysis Total overhead flexible-budget variance Fixed overhead production votume variance To increase factory overhead and record the related volume, expenditure and efficiency variances. Note: Enter debits before credits. Transaction General Journal Debit Credit Journal entry worksheet