The Benton Company uses a standard costing system. During 2021, the company incurred actual overhead of $571,500. The standard rate for applying overhead is $4.11 per unit, and 123,900 units were produced in 2021. One-third of the total overhead variance is attributed to the volume variance, and the remainder is attributed to the controllable overhead variance. Prepare the journal entries to record overhead incurred (you should credit "various accounts") and the overhead variances.

No. Account Titles and Explanation Debit Credit

1. __________________________ __________ ________

___________________________ __________ ________

(To record actual overhead incurred)

'2. _________________________ ___________ ________

_________________________ ___________ _________

(To record overhead applied)

'3. ______________________________ ____________ _________

______________________________ ____________ _________

______________________________ ____________ __________

(To close manufacturing overhead and record overhead variances)

List of Accounts: Accounts Payables, Accounts Receivable, Controllable Overhead Variance, Cost of Goods Sold, Finished Goods Inventory, Labor Efficiency Variance, Labor Rate Variance, Material Price Variance, Material Quantity Variance, Manufacturing Overhead, Various Accounts, Overhead Volume Variance, Raw Materials Inventory, Wages Payable, Work in Process Inventory