Output units Machine-hours Machine-hours per output unit Variable MOH costs Variable MOH costs per machine-hour Fixed MOH costs Fixed MOH costs per machine-hour Actual Flexible Static Allocated Results Budget Budget Amount 644 592 1,159 1,932 1,776 1.80 3.00 $ 46,360 $ 73,416 $ 67,488 $ 73,416 $ 350,200 $ 348,096 $ 38.00 $ 376,370 $ 196.00 Requirement 1. Prepare joumal entries for variable and fixed manufacturing overhead (you will need to calculate the various variances to accomplish this). Begin by calculating the following amounts for the variable overhead that will be used to calculate the various variances. Actual Costs Incurred Actual Input Budgeted Rate Flexible Budget Allocated Overhead Variable MOH 46360 44042 73416 73416 Now complete the table below for the fixed manufacturing overhead that will be used to calculate the various variances. Fixed MOH Same Budgeted Actual Costs Incurred Lump Sum Regardless of Output Level Allocated 350200 348096 Flexible Budget 348096 Overhead 378072 Now complete the 4-variance analysis using the amounts you calculated above. (If no variance exists leave the dollar value blank. Label the variance as favorable (F), unfavorable (U) or never a variance (N)) Production-Volume Variance 4-Variance Analysis Spending Variance Efficiency Variance Variable MOH Fixed MOH Prepare journal entries for variable and fixed manufacturing overhead. (Record debits first, then credits. Exclude explanations from any journal entries.) Record the actual variable manufacturing overhead incurred. Date Journal Entry Accounts Debit Credit Record the variable manufacturing overhead allocated. Date Journal Entry Accounts Debit Credit Record the variable manufacturing overhead variances for the period. Date Journal Entry Accounts Record the actual fixed overhead costs incurred. Date Debit Credit Journal Entry Accounts Debit Credit Record the fixed overhead costs allocated. Date Journal Entry Accounts Debit Credit Record the fixed overhead variances for the period.. Date Journal Entry Accounts Debit Credit Requirement 2. Overhead variances are written off to the Cost of Goods Sold (COGS) account at the end of the fiscal year. Show how COGS is adjusted through jou journal entries.) Journal Entry Date Accounts Debit Credit