1. Record the net variance closed to cost of goods sold

2. Record the net variance allocated to endung inventories and cost of goods sold

Required information [The following information applies to the questions displayed below.] 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 51,000 machine hours per year, which represents 25,500 units of output. Annual budgeted fixed factory overhead costs are $255,000 and the budgeted variable factory overhead cost rate is $2.30 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 18,800 units, which took 40,000 machine hours. Actual fixed factory overhead costs for the year amounted to $249,400 while the actual variable overhead cost per unit was $2.20. ased on the information provided above, provide an appropriate end-of-year closing entry for each of the following two independent ituations: (a) the net factory overhead cost variance is closed entirely to Cost of Goods Sold (CSG), and (b) the net factory overhead ariance is allocated among WIP Inventory, Finished Goods Inventory, and CGS using the following percentages: 20%,20%, and 60%, espectively. (Do not round intermediate calculations. Round your final answers to nearest whole dollar amount. If no entry is equired for a transaction/event, select "No journal entry required" in the first account field.)