Zyton assembles its CardioX product at its Scottsdale plant. Manufacturing overhead (both variable and fixed) is allocated to each unit using budgeted assembly-hours. Budgeted assembly. time per unit is two hours. The budgeted variable manufacturing overhead cost per assembly-hour is $40. The budgeted number of CardioX units to be assembled in March is 8,000. Budgeted fixed manufacturing overhead costs are $480,000. Actual variable manufacturing overhead costs for March were $610,500 for 7,400 units actually assembled. Actual assembly-hours were 16,280. Actual fixed manufacturing overhead costs were $503,420. Required: 1. Compute Fixed Overhead Spending Variance and label it as favorable or unfavorable. 2. Compute Fixed Overhead Production Volume Variance and label it as favorable or unfavorable. 3. Is Fixed Overhead over or under allocated and by how much? 4. Prepare the journal entry to record the actual fixed overhead (assume all costs went to Accounts Payable). 5. Prepare the journal entry to record the allocated fixed overhead. 6. Prepare the journal entry to record the fixed overhead variances and to close the Fixed Overhead Control account