Atlace Manufacturers Uses a Standard Costing System

question 95

Essay

Atlace Manufacturers uses a standard costing system. The T-account for overhead is shown below:
In addition to the above, Atlace calculated the following overhead variances:
Variable overhead Cost variance: $5,000 F
Variable overhead Efficiency variance: $4,850 U
Fixed overhead Cost variance: $1,200 F
Fixed overhead Volume variance: $3,350 U
Give journal entry to close the overhead account and record the overhead variances.

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