Journal entry worksheet > A B Rec-D Record the closure of variable overhead cost variances. Note: Enter debits before credits. Event 2 General Journal Debit Credit Journal entry worksheet < A B Rec-D Record the purchase and use of variable overhead resources at an actual cost of $122,500 and the transfer to work in process at a standard cost of $3.10 per direct labor-hour. Note: Enter debits before credits. Event 1 General Journal Debit Credit < A B Record the closure of variable overhead cost variances to Cost of Goods Sold. Note: Enter debits before credits. Rec-c Event 2 General Journal Debit Credit View gone Record entru Cloor Journal entry worksheet < A B Rec-c Record the purchase and use of variable overhead resources at an actual cost of $122,500 and the transfer to work in process at a standard cost of $3.10 per direct labor-hour. Note: Enter debits before credits. Event 1 General Journal Debit Credit > Complete this question by entering your answers in the tabs below. Req A and B Req C Req D What was the variable overhead price variance and the variable overhead efficiency variance for the period? Note: Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. Variable overhead price variance Variable overhead efficiency variance < Req A and B Req C > 6 Check my work 18.75 1 points eBook Print References Mc Exercise 17-20 (Aigo) Prorating variapie Overnead Cost variances (LU 17-1) Volte Corporation produces small electric appliances. The following information is available for the most recent period of operations: Standard variable overhead rate Actual output Actual direct labor-hours used Standard direct labor-hours Actual direct labor cost incurred Standard direct labor-hour rate Actual variable overhead incurred Actual units sold $ 3.10 per direct labor-hour 26,800 units 35,700 1.5 per unit $ 939,000 $ 46 $ 122,500 21,680 units Volte never has any work-in-process inventories and began the year with no finished goods inventory. Required: a. and b. What was the variable overhead price variance and the variable overhead efficiency variance for the period? c. Assume that Volte writes off all variances to Cost of Goods Sold. Prepare the entries Volte would make to record and close out the variances. d. Assume that Volte prorates all variances to appropriate accounts. Prepare the entries Volte would make to record and close out the variances. Activate Windows Go to Settings to activate Graw Prev 1 of 4 Next