Patel and Sons, Inc., uses a standard cost system to apply 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 fixed overhead costs are $265,500 and the budgeted variable overhead cost rate is $3.00 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 20,500 units, which took 42,100 machine hours. Actual fixed overhead costs for the year amounted to $259,400 while the actual variable overhead cost per unit was $2.90.

Required information

a. Based on the information provided above, what was the variable overhead spending variance for the year? (Do not round intermediate calculations. Round your final answer to nearest whole dollar amount.)

b. What was the variable overhead efficiency variance for the year? (Do not round intermediate calculations. Round your final answer to nearest whole dollar amount.)

Based on the information provided above, 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 actual fixed overhead consisted of depreciation of $161,000 and supervisory salaries of $96,100. (Do not round 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.).

No	Transaction	General Journal	Debit	Credit
1	1	Factory (or, manufacturing) overhead
1		Accumulated depreciationfactory
1		Salaries payable
1		Utilities payable
2	2	Work in process inventory
2		Factory (or, manufacturing) overhead