Only Solve journal entries Four OH variances; journal entriesKemp Manufacturing set 210,000 direct labor hours as the annual capacity measure for computing its predetermined variable overhead rate. At that level, budgeted variableoverhead costs are $945,000. Kemp will apply budgeted fixed overhead of $421,200 on the basis of 11,700 budgeted machine hours for the year. Both machine hours and fixedoverhead costs are expected to be incurred evenly each month.During March, Kemp incurred 17,700 direct labor hours and 900 machine hours. Actual variable and fixed overhead were $78,975 and $34,200, respectively. The standard timesallowed for March production were 17,940 direct labor hours and 870 machine hours.a. Using the four-variance approach, determine the overhead variances for March.Note: Do not use negative signs with your answers.VOH Spending VarianceActual VOH Budgeted VOH VOH Spending Variance0 = $$0VOH Efficiency VarianceBudgeted VOH - Applied VOH = VOH Efficiency Variance0-$0 = $0$0FOH Spending VarianceActual FOH - Budgeted FOH = FOH Spending Variance0 $$0 =0FOH Volume VarianceBudgeted FOH - Applied FOH = FOH Volume Variance00 b. Prepare all journal entries related to overhead for Kemp Manufacturing for March.Note: Record any multiple debits or any multiple credits in alphabetical order by account name.DebitAccountTo record actual overhead cost for MarchTo apply overhead to work in process for MarchTo record variable overhead variances for MarchTo record fixed overhead variances for March◆◆♦◆◆◆→◆◆◆◆♦0000O000O0OOO00Credit000000000O O O00

Name: Only Solve journal entries Four OH variances; journal entriesKemp Manu
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Only Solve journal entries Four OH variances; journal entriesKemp Manufacturing set 210,000 direct labor hours as the annual capacity measure for computing its predetermined variable overhead rate. At that level, budgeted variableoverhead costs are $