This problem is from chapter 15 assignment 24 of the cost management, a strategic emphasis book. 8e. I see some answers online, but I think they are not correct. Can you please help. Thank you

ost of Goods Sold (CSG), and (b) the net factory overhead variance llocated among WIP Inventory, Finished Goods Inventory, and CGS using the following percent- ages: 10%, 20%, and 70%, respectively. 15-24 Flexible Overhead Budgets for Control Johnny Lee Inc. produces a line of small gasoline- powered engines that can be used in a variety of residential machines, ranging from different types of lawnmowers, to snowblowers, to garden tools (such as tillers and weed-whackers). The basic product line consists of three different models, each meant to fill the needs of a different market. Assume you are the cost accountant for this company and that you have been asked by the owner of the company to construct a flexible budget for factory overhead costs, which seem to be growing faster than revenues. Currently, the company uses machine hours (MHs) as the basis for assigning both variable and fixed factory overhead costs to products. Within the relevant range of output, you determine that the following fixed factory overhead costs per month should occur: engineering support, $15,000; insurance on the manufacturing facil- ity, $5,000; property taxes on the manufacturing facility, $12,000; depreciation on manufacturing equipment, $13,800; and indirect labor costs of supervisory salaries, $14,800, setup labor, $2,400, and materials handling, $2,500. Variable factory overhead costs are budgeted at $21.00 per machine hour, as follows: electricity, $8.00; indirect materials for Material A of $1.00 and for Material B of $4.00; indirect labor-maintenance, $6.00; and production-related supplies, $2.00. Required 1. Prepare a flexible budget for Johnny Lee for each of the following monthly levels of machine hours: (a) 4,000, (b) 5,000, and (c) 6,000. (Hint: Provide in your response a separate line for each of the factory overhead costs for the company.) 2. Generate an equation to represent, within the relevant range, the factory overhead costs per month for Johnny Lee (state the variable overhead cost rate to 2 decimal places). Use this equation to estimate monthly total overhead cost for machine hours of 3,000 to 6,000, in increments of 500. 3. Use the Chart function in Excel to generate a graphical representation of the monthly factory overhead cost function for Johnny Lee over the range of 3,000-6,000 machine hours per month. 15-25 Graphical Analysis-Variable Overhead Cost Variances You are in charge of making a pre- sentation to operating managers regarding the meaning of the total factory overhead variance thatn Brief Exercise 15-16. Calculate and label the following factory overhead es for the year: (a) total overhead cost variance, (b) total flexible-budget variance, and (c) production volume variance. Round each answer to the nearest whole dollar, and indicate whether each variance is favorable (F) or unfavorable (U). 15-22 Refer to the variances you calculated in conjunction with Brief Exercise 15-21 and to the informa- tion in Brief Exercises 15-16 and 15-18. Prepare the appropriate journal entries to record: (a) actual factory overhead costs for the year, (b) the applied factory overhead costs for the year (both variable and fixed), and (c) the total flexible-budget variance and the production volume variance for the period (as calculated above in Brief Exercise 15-21). 15-23 Refer to the journal entries made in Brief Exercise 15-22. Provide an appropriate end-of-year clos- ing entry for each of the following two independent situations: (a) the net factory overhead cost variance is closed entirely to Cost of Goods Sold (CSG), and (b) the net factory overhead variance is allocated among WIP Inventory, Finished Goods Inventory, and CGS using the following percent- ages: 10%, 20%, and 70%, respectively. 15-24 Flexible Overhead Budgets for Control Johnny Lee Inc. produces a line of small gasoline- powered engines that can be used in a variety of residential machines, ranging from different types of lawnmowers, to snowblowers, to garden tools (such as tillers and weed-whackers). The basic product line consists of three different models, each meant to fill the needs of a different market. Assume you are the cost accountant for this company and that you have been asked by the owner of the company to construct a flexible budget for factory overhead costs, which seem to be growing faster than revenues. Currently, the company uses machine hours (MHs) as the basis for assigning both variable and fixed factory overhead costs to products. Within the relevant range of output, you determine that the following fixed factory overhead costs per month should occur: engineering support, $15,000; insurance on the manufacturing facil- ity, $5,000; property taxes on the manufacturing facility, $12,000; depreciation on manufacturing equipment, $13,800; and indirect labor costs of supervisory salaries, $14,800, setup labor, $2,400, and materials handling, $2,500. Variable factory overhead costs are budgeted at $21.00 per machine hour, as follows: electricity, $8.00; indirect materials for Material A of $1.00 and for Material B of $4.00; indirect labor-maintenance, $6.00; and production-related supplies, $2.00. equired Prepare a flexible budget for Johnny Lee for each of the following monthly levels of machine hours: (a) 4,000, (b) 5,000, and (c) 6,000. (Hint: Provide in your response a separate line for each of the factory overhead costs for the company.) Generate an equation to represent, within the relevant range, the factory overhead costs per month for Johnny Lee (state the variable overhead cost rate to 2 decimal places). Use this equation to estimate monthly total overhead cost for machine hours of 3,000 to 6,000, in increments of 500. Use the Chart function in Excel to generate a graphical representation of the monthly factory overhead cost function for Johnny Lee over the range of 3,000-6,000 machine hours per month. 25 Graphical Analysis-Variable Overhead Cost Variances You are in charge of making a pre- sentation to operating managers regarding the meaning of the total factory overhead variance that appears each month on their performance reports. The controller suggested that a graphical pre- sentation might be an effective way to communicate the essential points to your audience. As such, she provided you with this partially completed graph. This graph represents a situation where (1) machine hours are used to apply variable overhead costs to products and (2) there is both an unfavor- able variable overhead spending variance and an unfavorable variable overhead efficiency variance tion. The controller also indicated that she would like you to use the following ine hours worked