[The following information applies to the questions displayed below] The Platter Vailey factory of Bybee Industries manufactures field boots. The cost of each boot includes direct materials, direct labor, and manufacturing (factory) overhead. The fitm traces all direct costs to products, and it assigns overhead cost to products based on direct labor hours. The company budgeted $10,080 variable factory overhead cost, $93.600 for fixed factory overhead cost and 2,400 direct labor hours (its practical capacity) to manufacture 4.800 pairs of boots in March. The factory used 4,500 direct labor hours in March to manufacture 4,600 pairs of boots and spent $17,600 on variable overhead during the month. The actual fixed overhead cost incurred for the month was $97,400. Exercises 1531 (Algo) Three-Variance vs. Four-Variance Analysis of the Total Factory Overhead Cost Variance [LO 15-2, 15-3] The Platter Valley factory of Bybee industries currently uses a four-variance analysis of the total factory overhead cost variance but is thinking of changing to a three-variance analysis. Required: 1. Compute the total overhead spending variance, the (variable overhead) efficiency variance, and the production volume variance for March and indicate whether each variance is fovorable (F) or unfavorable (U). 2. Prepare the appropriate journal entries of the end of March to record each of the foliowing: (a) the total ovemead spending variance. (b) the (variable overthead) efficiency variance, and (c) the production volume variance. Assume that all overhead costs are recorded id a single account called "Factory Overhead." Complete this questian by entering your answers In the tabs below. Compute the total overhead spending variance, the (variable overtwead) ethciency variance, and the producton volume variance foe March and indicate whether each variance is favorable (F) or unfavorable. (U). Compute the total overhead spending variance, the (variable overhead) efficiency variance, and the production volume variance for March and indicate whether each variance is favorable (F) or unfavorable (U). 2. Prepare the appropriate journal entries at the end of March to record each of the following: (a) the total overhead spending variance, (b) the (variable overhead) efficiency variance, and (c) the production volume variance. Assume that all overhead costs are recorded in a single account called "Factory Overhead," Complete this question by entering your answers in the tabs below. Prepare the appropriate journal entries at the end of March to record each of the following: (a) the total overhead spending variance, (b) the (variable overhead) efficiency variance, and (c) the production volume variance. Assume that all overhead costs are recorded in a single account called "Factory Overhead." (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Show Iess A Journal entry worksheet 3 Record the total overhead spending variance for the period. Note: Enterdelts before credits