eBook Show Me How Note: Close the variances with a debt balance first. For compound entries, it an amount box does not require an entry, leave it blank. b. lll 110 111111 Thack Mi Madam Chatu Marmini II IIIIII LIION IIIJIDDIO DO " Check My Work 6 more Check My Work uses remaining. Overhead Vrances, Four-Vanance Analysis, Journal Entries Tanson, Incses a standard costing system. The predetermined overhead rates are calculated using practical capacity. Practical capacity for a year is defined as 100,000 units reduring 20,000 standard direct labor hours Budgeted over and for the year is 576,000, of which $30,000 foed overhead During the year 96.000 units were produceduting 19,000 direct ubor hours. Actual annual overhead costs totaled $80,000, of which $29,600 is fived overhead. Required: 1. Calculate the feed overhead spending and volume variance Fard Overtvend spending Varnance Ficed Overhead Volume Variance 2. Calculate the vanilie overhead spending and efficiency van Variable Overhead Spending Variance 11 Vinable Overhead Ency Venance 3. Prepare the journal entries that reflect the following Assignment of overhead to production Recognition of the worrence of actual overhead Recognition of overhead varances . Closing out overhead values, assuming they are not material Notes Clase the variances with a debil balance first. For compound entries, if an amount box does not require an entry, leave it blank