Styles Question 4: (22 marks total) Muddy Duck Manufacturing (MDM) Inc. is a form machinery company that uses a standard cost system for its machine-based production of grain drying equipment. Data regarding production for April are as follows: Variable manufacturing overhead costs incurred $ 559,650 Variable manufacturing overhead costs allocation rate Fixed manufacturing overhead costs incurred $600 per machine bour $86,500 Fixed manufacturing overhead budgeted $90,000 Denominator level machine hours 500 hours Standard machine hours allowed per unit of output 15 hours Units produced 65 units Actual machine hours used 910 hours Ending work-in-process inventory 22:1 Required a. Prepare the necessary journal entries to account for the variable manufacturing overhead incurred and allocated to production b. Prepare the journal entry to close the variable overhead variance accounts under the assumption that the amount is immaterial