1) the following information relates to joplin company for the period just ended: standard variable overhead rate per hour $1 standard fixed overhead rate per hour $2 planned monthly activity 40,000 machine hours actual production completed 82,000 units standard machine processing time two units per hour actual variable overhead $37,000 actual total overhead $121,000 actual machine hours worked 40,500 the company uses machine hours to apply variable and fixed overhead. required: a. calculate the variable overhead variances and the fixed overhead variances. b. record the journal entries when the variances are recognized. c. record the journal entries when the variances are disposed at the end of the period.
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