Refer to your answers to Brief Exercises 15-16 and 15-17 and the journal entries made in conjunction with Brief Exercise 15-18. Given this information, provide the appropriate journal entries 

(a) To record the overhead cost variances for the period (thereby closing out the balance in the Factory Overhead account) 

(b) to close the variance accounts to the Cost of Goods Sold (COGS) account at the end of the period.

Brief Exercises 15-16 and 15-17

Patel and Sons Inc. uses a standard cost system to apply factory overhead costs to units produced. Practical capacity for the plant is defined as 50,000 machine hours per year, which represents 25,000 units of output. Annual budgeted fixed factory overhead costs are $250,000 and the budgeted variable factory overhead cost rate is $4 per unit. Factory overhead costs are applied on the basis of standard machine hours allowed for units produced. Budgeted and actual output for the year was 20,000 units, which took 41,000 machine hours. Actual fixed factory overhead costs for the year amounted to $245,000, while the actual variable overhead cost per unit was $3.90. What was (a) the fixed overhead spending (budget) variance for the year and (b) the production volume variance for the year? Round each answer to the nearest whole dollar, and indicate whether each variance was favorable (F) or unfavorable (U).

Brief Exercise 15-18

Provide the correct summary journal entries for actual and applied factory overhead costs (both variable and fixed) for the year. Assume that the company uses a single account, Factory Overhead, to record both actual and applied factory overhead. Also, assume that the only variable overhead cost was electricity and that actual fixed overhead consisted of depreciation of $150,000 and supervisory salaries of $95,000. Finally, assume that both electricity expense and the supervisory salaries expense have been incurred but not yet paid (i.e., both are current liabilities).