Variable OH Actual Input Actual Costs Flexible Allocated Incurred Budgeted Rate Budget Overhead Now complete the table below for the fixed manufacturing overhead. Fixed OH Same Budgeted Actual Costs Incurred Lump Sum Regardless of Output Level Flexible Allocated Budget Overhead Now complete the 4-vanance 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 Analysis Variable OH Fixed OH Date Spending Variance Efficiency Variance Production-Volume Variance Journal Entry Accounts Debit Credit Record the variable manufacturing overhead allocated. Date Journal Entry Accounts Debit Credit Record the variable manufacturing overhead variances for the period. Date Journal Entry Accounts Debit Credit The Lopez Company uses standard costing in its manufacturing plant for auto parts. The standard cost of a particular auto part, based on a denominator level of 3,900 output units per year, included 5 machine-hours of variable manufacturing overhead at $7 per hour and 5 machine-hours of fixed manufacturing overhead at $14 per hour. Actual output produced was 4,300 units. Variable manufacturing overhead incurred was $255,000. Fixed manufacturing overhead incurred was $385,000. Actual machine-hours were 28,500. Read the requirements. Re Ove Requirements 1. 2. Va 3. 4. Prepare an analysis of all variable manufacturing overhead and fixed manufacturing overhead variances, using the 4-variance analysis. Prepare journal entries using the 4-variance analysis. Describe how individual fixed manufacturing overhead items are controlled from day to day. Discuss possible causes of the fixed manufacturing overhead variances. Print Done - X ble overhead.