Patel and Sons, Inc., uses a standard cost system to apply overhead costs to units produced. Practical capacity for the plant is defined as 54,000 machine hours per year, which represents 27,000 units of output. Annual budgeted fixed overhead costs are $270,000 and the budgeted variable overhead cost rate is $3.30 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 20,800 units, which took 43,000 machine hours. Actual fixed overhead costs for the year amounted to $263,600 while the actual variable overhead cost per unit was $3.20.

1. 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 $164,000 and supervisory salaries of $96,400. (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.)

2.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 overhead cost variance is closed entirely to Cost of Goods Sold, and (b) the net overhead variance is allocated among WIP Inventory, Finished Goods Inventory, and CGS using the following percentages: 30%, 20%, and 50%, respectively. (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.)