Problem 15.45 (Algo) Four-Variance Analysis; Journal Entries [LO 15-1, 15-2, 15-3, 15-4] Edney Company employs a standard cost system for product costing The per-unit standard cost of its product is The manufacturing overhead rate is based on a normal capacity level of 600,000 direct labor hours. (Normal capacity is defined as the level of capacity needed to satisfy average customer demand over a period of two to four years. Operationally, this fevel of capacity would take into consideration sales trends and both seasonal and cyclical factors affecting demand.) The firm has the following annuat manufacturing overhead budget. Edney incurred $435,950 in direct labor cost for $4,800 direct labor hours to manufacture 26,000 units in November Other costs incurred in November include $338,000 for fixed manufacturing overhead and $373,500 for var inble manufacturing overhead Required: 1. Determine each of the following for November [Note inclicate whether each variance is favorable (F) or unfavorable (U)] a. The yariable overhed spending variance. b. The variable overhead efficiency variance c. The lixed oxemead spending (bodget) varance. d The fixed overhead production volume vartance e. The total amount of under- of overapplied manufacturing overhesd fie, the total manufacturing overinesd cost vatiance for the period) fo record standard overhead costs appled to production, and (d) to record all fout overhead cost vaninces. The company uses a single account. Factory Overhead, to record al oyerhead costs. Assume that the actual vartable manufacturing overhead consists of Inventory. and $76,000 depreciation on factory equipment (defemined under the units of.production method). Assume that the fred should be recorded in a single sccount, Accrued Payrod 3. Prepare the appropiate joumal entry to close al manifacturing overtead vanances to the cost of goods sold (cogs) ascount (Assume the cost vatances you calcutated above are for the year, not the month) Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Determine each of the following for November. [Note: Indicate whether each variance is favorable (F) or unfavorable (U).] a. The variable overhead spending variance. b. The variable overhead efficiency variance. c. The fixed overhead spending (budget) variance. d. The fixed overhead production volume variance. e. The total amount of under-or overapplied manufacturing overhead (i.e., the total manufacturing overhead cost variance for the period). (For all requirements, do not round intermediate calculations, Round your final answers to the nearest whole dollar amount.) Journal entry worksheet Record the actual variable overhead costs for the period. Note: Enter debits before credits. Journal entry worksheet Record closing overhead cost variances to cost of goods sold. Note: Enter debits before credits