Standard Products Company Recognizes Variances from Standards at the Earliest

Standard Products Company recognizes variances from standards at the earliest opportunity, and the quantity of direct materials purchased is equal to the quantity used. The following information is available for the most recent month. Assume the allocation base for fixed overhead costs is the number of units.
Direct Materials Direct Labor
Standard quantity/unit 6.00 lbs. 2.5 hrs.
Standard price/lb. or hr. $8.10/lb. $8.00/hr.
Actual quantity/unit 6.25 lbs. 2.8 hrs.
Actual price/lb. or hr. $8.00/lb. $7.50/hr
Price variance $562.50 F $1,260.00 F
Quantity/Efficiency variance $1,822.50 U $2,160.00 U
Static budget volume 800 units
Actual volume 900 units
Actual overhead cost $11,000
Standard variable overhead cost $5/unit
Standard fixed overhead cost $5,600
Overhead flexible budget variance $900 U
Production volume variance $700 F
Journalize the allocation of overhead costs to Work in Process Inventory and closing manufacturing overhead costs to overhead variances.