Please do not give salutations in image format thankuh Required:1. Compute the factory overhead flexible-budget variance, the factory overhead spending variance, and the efficiency variance forvariable factory overhead for March and state whether each variance is favorable (F) or unfavorable (U).2. Provide the appropriate journal entry to record the variable overhead spending variance and a second entry to record the variableoverhead efficiency variance for March. Assume that the company uses a single account, Factory Overhead, to record overhead costs.Complete this question by entering your answers in the tabs below.Required 1 Required 2Compute the factory overhead flexible-budget variance, the factory overhead spending variance, and the efficiency variancefor variable factory overhead for March and state whether each variance is favorable (F) or unfavorable (U).Spending varianceRequired 1Variable overhead flexible-budget varianceRequired 2Provide the appropriate journal entry to record the variable overhead spending variance and a second entry to record the variableoverhead efficiency variance for March. Assume that the company uses a single account, Factory Overhead, to record overhead costs. (Ifno entry is required for a transaction/event, select "No journal entry required" in the first account field.)View transaction list< AJournal entry worksheetEfficiency varianceBRecord the variable overhead spending variance.Note: Enter debits before credits.Transaction1Record entryGeneral JournalClear entryDebitCreditView general journal> !Required information[The following information applies to the questions displayed below.]The Platter Valley factory of Bybee Industries manufactures field boots. The cost of each boot includes direct materials,direct labor, and manufacturing (factory) overhead. The firm traces all direct costs to products, and it assignsoverhead cost to products based on direct labor hours.The company budgeted $12,600 variable factory overhead cost, $90,000 for fixed factory overhead cost and 2,250 directlabor hours (its practical capacity) to manufacture 4,500 pairs of boots in March.The factory used 3,100 direct labor hours in March to manufacture 4,400 pairs of boots and spent $16,200 on variableoverhead during the month. The actual fixed overhead cost incurred for the month was $92,400.

Name: Please do not give salutations in image format thankuh Required:1. Com
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Please do not give salutations in image format thankuh Required:1. Compute the factory overhead flexible-budget variance, the factory overhead spending variance, and the efficiency variance forvariable factory overhead for March and state whether eac

Variable factory overhead spending variance=Standard rate×Actual hours-Actual variable factory…

Business

Accounting

Required information [The following information applies to the questions displayed below.] The Platter Valley factory of Bybee Industries manufactures field boots. The cost of each boot includes direct materials, direct labor, and manufacturing (factory) overhead. The firm traces all direct costs to products, and it assigns overhead cost to products based on direct labor hours. The company budgeted $12,600 variable factory overhead cost, $90,000 for fixed factory overhead cost and 2,250 direct labor hours (its practical capacity) to manufacture 4,500 pairs of boots in March. The factory used 3,100 direct labor hours in March to manufacture 4,400 pairs of boots and spent $16,200 on variable overhead during the month. The actual fixed overhead cost incurred for the month was $92,400.