$15-16$ 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 overhead costs are $$250,000,$ and the budgeted variable overhead cost is $$4\mathrm{.}00$ per unit. Factory

overhead costs are applied on the basis of standard machine hours allowed for the units produced. Budgeted and actual output for the year was $20,000$ units, which took $41,000$

machine hours. Actual fixed overhead costs for the year amounted to $$245,000,$ while the actual variable overhead cost per unit was $$3\mathrm{.}90.$ What was $($a$)$ the fixed overhead

spending variance for the year, and $($b$)$ the overhead production volume variance for the year? Round each answer to nearest whole dollar, and indicate whether each variance

was favorable $(F)$ or unfavorable $(U).$

Practical capacity $($in machine hours$)=$

Practical capacity $($in units of output$)=$

Annual budgeted fixed overhead costs $=$

Budgeted variable overhead cost per unit $=$

Budgeted output for the year $($in units$)=$

Actual output for the year $($in units$)=$

Actual number of machine hours worked for the year $=$

Actual fixed overhead costs for the year $=$

Actual variable overhead cost per unit $=15-18$ Refer to the data in Brief Exercise $15-16.$ Provide the correct summary journal entries for actual and applied 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 overhead. Also, assume that the only variable overhead cost was electricity and that the 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$).15-18$ Refer to the data in Brief Exercise $15-16.$ Provide the correct summary journal entries for actual and applied 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 overhead. Also, assume that the only variable overhead cost was electricity and that the 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$).$