Answer Happy

Explorer Manufacturing has the following standard cost sheet for
one of its products: Total Direct Materials 5 pounds at $2 per
pound $10 Direct Labor 2 hours at $25 per hour $50 VMOH 2 hours at
$5 per hour $10 FMOH 2 hours at $20 per hour $40 $110 The company
uses a standard cost system and applies factory overhead cost based
on direct labor hours and determines the factory overhead rate
based on a capacity of 400 units of the product. Explorer has the
following actual operating results for the year just completed:
Units manufactured 360 Direct materials purchased and used 1,800
pounds $19,800 Direct labor incurred 750 hours $20,250 VMOH
incurred $4,800 FMOH incurred $15,800 Before closing the periodic
accounts, the (standard cost) entries in selected accounts follow:
Account Debit (total) Credit (total) WIP Inventory $153,000
$134,640 FG Inventory $134,640 $111,690 COGS $111,690 Required:
Calculate ALL relevant overhead variances and prepare the necessary
related journal entries.