The following information applies to the questions displayed below.] The Platter Valley factory of Bybee Industrles manufactures field boots. The cost of each boot includes direct materials, direct labor, and manufacturing (factory) overhead. The firm traces all direct costs to products, and it assigns overhead cost to products based on direct labor hours. The company budgeted $11,925 varlable factory overhead cost, $96,750 for flxed factory overhead cost and 2,250 direct labor hours (its practical capacity) to manufacture 4,500 pairs of boots In March. The factory used 3,400 direct labor hours in March to manufacture 4,100 palrs of boots and spent $16,500 on varlable overhead during the month. The actual flxed overhead cost incurred for the month was $99,450. Required: 1. Compute the factory overhead flexible-budget varlance, the factory overhead spending variance, and the efficlency variance for ariable factory overhead for March and state whether each varlance is favorable (F) or unfavorable (U). 2. Provide the appropriate journal entry to record the varlable overhead spending varlance and a second entry to record the varlable verhead efficiency variance for March. Assume that the company uses a single account, Factory Overhead, to record overhead costs