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Sinclair Manufacturing Uses a Standard Cost System

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Sinclair Manufacturing uses a standard cost system.The T-account for manufacturing overhead is shown below:
Sinclair Manufacturing uses a standard cost system.The T-account for manufacturing overhead is shown below: In addition to the above,Sinclair 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 Prepare the journal entry to close the manufacturing overhead account and record the overhead variances.
In addition to the above,Sinclair 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
Prepare the journal entry to close the manufacturing overhead account and record the overhead variances.

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