Data for the next 8 questions: Dana Manufacturing Company uses a standard cost system for its single product, called Zoom. The following data are available for current year: Standards per unit of product for planned production of 20,000 units: Budgeted machine hours 30,000 hours Raw materials 4 pounds at $12 per yard Direct labor 2 hours at $10.80 per hour Variable overhead $7 per machine hour Fixed overhead $6 per machine hour Budgeted fixed overhead $180,000 Q18. Actual fixed factory overhead for the year was $188,000 and company had used 36,900 hours of machine. Provide journal entry to close fixed factory overhead cost account and recognizing related cost variances