Check 9 Parts of 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 53,100 machine hours per year, which represents 26,550 units of output Annual budgeted forced factory overhead costs are $265,500 and the budgeted variable factory overhead cost rate is $300 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 20500 units, which took 42100 machine hours Actual fixed factory overhead costs for the year amounted to $257100 while the actual variable overhead cost per unit was $290 112 DO book Based on the information provided above, provide an appropriate end-of-year closing entry for each of the following two independent situations: (a) the net factory overhead cost variance is closed entirely to cost of Goods Sold (CSG) and (b) the net factory overhead variance is allocated among WIP Inventory. Finished Goods Inventory, and CGS using the following percentages 30%, 20%, and 50% respectively. (Do not found intermediate calculations. Round your final answers to nearest whole dollar amount. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 1 2 Record the net variance closed to cost of goods sold. Note: Enter debits before credits. Transaction General Journal Debit Credit a Record entry Clear entry View general Journal Record the net variance allocated to ending inventories and Cost of goods sold. Note: Enter debits before credits. General Journal Debit Credit Transaction b Record entry Clear entry View general journal