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 52,800 machine hours per year, which represents 26,400 units of output. Annual budgeted fixed factory overhead costs are $264,000 and the budgeted variable factory overhead cost rate is $2.90 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 19,900 units, which took 41,800 machine hours. Actual fixed factory overhead costs for the year amounted to $256,000 while the actual variable overhead cost per unit was $2.80.

Based on the information provided above, provide the appropriate journal entries: (a) to record the overhead cost variances for the period (thereby closing out the balance in the Factory Overhead account), and (b) to close the variance accounts to the Cost of Goods Sold (CGS) account at the end of the period