The Velocities 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. (Click the icon to view the table.) X Data Table lid variances. Actual Static The Velocities Corporation (June 2017) Results Budget Number of centrifuges assembled and sold 240 100 312 29.00 Hours of assembly time Variable manufacturing overhead cost per hour of assembly time Variable manufacturing overhead costs Fixed manufacturing overhead costs 9,469 11,220 $ 9,800 Print Done 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 Incurred Budgeted Rate Budget Overhead Variable OH Now complete the table below for the fixed manufacturing overhead. Same Budgeted Lump Sum Actual Costs Flexible Allocated Regardless of Output Level Incurred Budget Overhead Fixed OH Choose from any list or enter any number in the input fields and then continue to the next question. ? 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).) 4-Variance Spending Efficiency Production-Volume Analysis Variance Variance Variance Variable OH Fixed OH Requirement 2. Prepare journal entries for Velocities' 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, 2017. (Record debits first, then credits. Exclude explanations from any journal entries.) Begin by recording the actual variable manufacturing overhead incurred. Journal Entry Requirement 2. Prepare journal entries for Velocities' 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, 2017. (Record debits first, then credits. Exclude explanations from any journal entries.) Begin by recording the actual variable manufacturing overhead incurred. Journal Entry Date Accounts Debit Credit Variable Manufacturing Overhead Control Accounts Payable Control and other accounts Record the variable manufacturing overhead allocated. Journal Entry Date Accounts Debit Credit Work-in-Process Control Variable Manufacturing Overhead Allocated Record the variable manufacturing overhead variances for the period. Journal Entry Date Accounts Debit Credit Variable Manufacturing Overhead Allocated Variable Manufacturing Overhead Spending Variance Variable Manufacturing Overhead Control Variable Manufacturing Overhead Efficiency Variance Record the variable manufacturing overhead variance write-off. Journal Entry Date Accounts Debit Credit Variable Manufacturing Overhead Efficiency Variance Variable Manufacturing Overhead Spending Variance Cost of Goods Sold Record the actual fixed overhead costs incurred. Journal Entry Date Accounts Debit Credit Fixed Manufacturing Overhead Control Salaries Payable, Accumulated Depreciation, and various other accounts Record the fixed overhead costs allocated. Journal Entry Date Accounts Debit Credit Work-in-Process Control Fixed Manufacturing Overhead Allocated Record the fixed overhead variances for the period. Journal Entry Date Accounts Debit Credit Fixed Manufacturing Overhead Allocated Fixed Manufacturing Overhead Spending Variance Fixed Manufacturing Overhead Production-Volume Variance Fixed Manufacturing Overhead Control Record the fixed manufacturing overhead variance write-off. Journal Entry Date Accounts Debit Credit Fixed Manufacturing Overhead Production-Volume Variance Fixed Manufacturing Overhead Spending Variance Cost of Goods Sold