Parkeville Company manufactures a single product and started the year with no inventories. Selected information about results for the period just ended include the following:

Actual fixed manufacturing overhead	$	140,000
Actual variable manufacturing overhead		152,000
Applied fixed manufacturing overhead		200,000
Applied variable manufacturing overhead		166,000
Production volume variance		50,000	F
Variable overhead efficiency variance		24,000	F

Twenty five percent of this period's production has not been sold. There are never any work-in-process inventories.

Required:

a. Assume Parkeville writes off all variances to Cost of Goods Sold. Prepare the entries the company would make to record and close out the variances. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 1) Record the purchase of various variable overhead resources. 2) Record the application of variable overhead at standard rates to production. 3) Record the variable overhead variances. 4) Record the closure of fixed overhead. 5) Record the closure of overhead cost variances to Cost of Goods Sold.

b. Assume Parkeville prorates all variances to the appropriate accounts. Prepare the entries the company would make to record and close out the variances. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 1) Record the purchase of various variable overhead resources. 2) Record the application of variable overhead at standard rates to production. 3) Record the variable overhead variances. 4) Record the closure of fixed overhead. 5) Record the closure of overhead cost variances to Cost of Goods Sold and Finished Goods Inventory.

(This is the entirety of the question)