The Teala Company uses standard costing in its manufacturing plant for auto parts. Standard machine time is 6.5 machine hours per unit. The standard cost of a particular auto part, based on a denominator level of 4,500 output units per year, included variable manufacturing overhead at $8 per hour. Budgeted fixed overhead was $351,000. Actual output produced was 4,400 units. Variable manufacturing overhead incurred was $217,000. Fixed manufacturing overhead incurred was $373,000. Actual machine-hours were 28,400. Required: 1.Calculate the following variances in the table. Detailed computations are required. 4-Variance Analysis Spending Variance Efficiency Variance ProductionVolume Variance Variable Overhead Never a variance Fixed Overhead Never a variance 2.Prepare journal entries for variable and fixed manufacturing overhead costs and variances; write off these variances to cost of goods sold.