Journal entries (continuation of 8-35).1. Prepare journal entries for variable and fixed manufacturing overhead (you will need to calculate the various variances to accomplish this).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 journal entries.Reference problem: 8-35 Comprehensive variance analysis. Cooking Whiz manufactures premium food processors. The fol-lowing are some manufacturing overhead data for Cooking Whiz for the year ended December 31, 2017:Flexible Budget$ 80,640Manufacturing OverheadActual ResultsAllocated AmountS 80,640$ 71,808VariableFixed360,672351,360368,640Budgeted number of output units: 915Planned allocation rate: 2 machine-hours per unitActual number of machine-hours used: 1,632Static-budget variable manufacturing overhead costs: $76,860Compute the following quantities (you should be able to do so in the prescribed order):1. Budgeted number of machine-hours planned2. Budgeted fixed manufacturing overhead costs per machine-hour3. Budgeted variable manufacturing overhead costs per machine-hour4. Budgeted number of machine-hours allowed for actual output produced5. Actual number of output units6. Actual number of machine-hours used per output unit

Name: Journal entries (continuation of 8-35).1. Prepare journal entries for
Uploaded: 2024-03-20T06:33:06.000Z
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Description: Journal entries (continuation of 8-35).1. Prepare journal entries for variable and fixed manufacturing overhead (you will need to calculate the various variances to accomplish this).2. Overhead variances are written off to the Cost of Goods Sold (COG