At lace Manufacturers uses a standard costing system. The T-account for overhead is shown below:

In addition to the above, at lace calculated the following overhead variances:

Variable overhead Cost variance: $5,000 F

Variable overhead Efficiency variance: $4,850 U

Fixed overhead Cost variance: $1,200 F

Fixed overhead Volume variance: $3,350 U

Give journal entry to close the overhead account and record the overhead variances.

Transcribed Image Text:

Manufacturing overhead 95,000 93,000 Manufacturing overhead 95,000 93,000

Answer rating: 100% (QA)

Fixed Overhead Volume Variance 3350 ... View the full answer