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The Runner Company uses a standard costing system. During 2021, the company incurred actual overhead of $570,900. The standard rate for applying overhead is $4.17

The Runner Company uses a standard costing system. During 2021, the company incurred actual overhead of $570,900. The standard rate for applying overhead is $4.17 per unit, and 125,700 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. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

No. Account Titles and Explanation Debit Credit
1. (enter an account title to record actual overhead incurred) $enter a debit amount $enter a credit amount
(enter an account title to record actual overhead incurred) $enter a debit amount $enter a credit amount
(To record actual overhead incurred)
2. (enter an account title to record overhead applied) $enter a debit amount $enter a credit amount
(enter an account title to record overhead applied) $enter a debit amount $enter a credit amount
(To record overhead applied)
3. (enter an account title to close manufacturing overhead and record overhead variances) $enter a debit amount $enter a credit amount
(enter an account title to close manufacturing overhead and record overhead variances) $enter a debit amount $enter a credit amount
(enter an account title to close manufacturing overhead and record overhead variances) $enter a debit amount $enter a credit amount
(To close manufacturing overhead and record overhead variances)

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