The Tolerances Corporation is a manufacturer of centrifuges. Fixed and variable manufacturing overheads are allocated to each centrifuge using budgeted assembly-hours. Budgeted assembly time is 2 hours per unit. The following table shows the budgeted amounts and actual results related to overhead for June 2017 B Click the icon to view the table.) Read the requirements Requirement 1. Prepare an analysis of all variable manufacturing overhead and fixed manufacturing overhead variances. Begin by calculating the following amounts for the variable overhead. Actual Input Actual Costs Flexible Allocated Overhead Incurred 11905 Budgeted Rate 11484 Budget 12760 Variable OH 12760 Now complete the table below for the fixed manufacturing overhead. Same Budgeted Lump Sum Actual Costs Regardless of Incurred Output Level Fixed OH 14290 12880 Allocated Flexible Budget Overhead 12880 15878 Now complete the 4-variance analysis using the amounts you calculated above. (If no variance exists leave the dollar value blank. Label the variance as favorable (F), unfavorable (U) or never a variance (N).) Production-Volume Spending Variance 421U 4-Variance Analysis Variable OH Fixed OH Variance Efficiency Variance 1276 F N N 1410U 2998 F Requirement 2. Prepare journal entries for Tolerances' June 2017 variable and fixed manufacturing overhead costs and variances; write off these variances to Cost of Goods Sold for the quarter ending June 30, Begin by recording the actual variable manufacturing overhead incurred. Journal Entry Accounts Date Debit Credit Record the variable manufacturing overhead allocated Journal Entry Date Accounts Debit Credit Record the varlable manufacturing overhead variances for the period. Journal Entry Date Accounts Debit Credit Record the variable manufacturing overhead variance write-off. Journal Entry Date Accounts Debit Credit Record the actual fixed overhead costs incurred Journal Entry Accounts Date Debit Credit Record the fixed overhead costs allocated. Journal Entry Accounts Date Debit Credit Record the fixed overhead variances for the period. Journal Entry Date Accounts Debit Credit Record the fixed manufacturing overhead variance write-off. Journal Entry Date Accounts Debit Credit III Remirement 3 Howy done the planninn an control of variables manufacturing overhead costs differ from the planning and control of manufacturinn verbodenste Requirement 3. How does the planning and control of variable manufacturing overhead costs differ from the planning and control of fixed manufacturing overhead costs? manufacturing overhead costs has both a long-run and a short-run focus. The long-run focus involves Tolerances planning to and for the short-run focus to Planning and control of in the most efficient way Planning and control of the accounting period. V manufacturing overhead costs have primarily a long-run focus. It involves for a budgeted level of output. Tolerances makes V of the key decisions that determine the level of overhead costs at the start of Actual Static Results Budget 140 220 396 The Tolerances Corporation (June 2017) Number of centrifuges assembled and sold Hours of assembly time Variable manufacturing overhead cost per hour of assembly time Variable manufacturing overhead costs Fixed manufacturing overhead costs $ 29.00 A A 11,905 14,290 $ $ 12,880 Print Done Journal Entry Accounts Debit Credit - Debit Credit Accounts Payable Control and other accounts Fixed Manufacturing Overhead Allocated Fixed Manufacturing Overhead Control Fixed Manufacturing Overhead Efficiency Variance Fixed Manufacturing Overhead Production-Volume Variance Fixed Manufacturing Overhead Spending Variance Salaries Payable, Accumulated Depreciation, and various other accounts Variable Manufacturing Overhead Allocated Variable Manufacturing Overhead Control Variable Manufacturing Overhead Efficiency Variance Variable Manufacturing Overhead Production-Volume Variance Variable Manufacturing Overhead Spending Variance Work-in-Process Control Requirement 3. How does the planning and control of variable manufacturing overhead costs differ from the planning and control of fixed manufacturing overhead costs? manufacturing overhead costs has both a long-run and a short-run focus. The long-run focus involves Tolerances planning to and for the short-run focus to Planning and control of in the most efficient way Planning and control of the accounting period. V manufacturing overhead costs have primarily a long-run focus. It involves of the key decisions that determine the level of overhead costs at the start of manage the cost drivers of value-added overhead activities undertake only value-added overhead activities Choose from any list or enter any number in the input fields and then continue to the next question. Requirement 3. How does the planning and control of variable manufacturing overhead costs differ from the planning and control of fixed manufacturing overhead costs? manufacturing overhead costs has both a long-run and a short-run focus. The long-run focus involves Tolerances planning to and for the short-run focus to Planning and control of in the most efficient way Planning and control of the accounting period. fixed acturing overhead costs have primarily a long-run focus. It involves for a budgeted level of output. Tolerances makes of the key decisions that determine the level of overhead costs at the start of variable Choose from any list or enter any number in the input fields and then continue to the next