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Required information [The following information applies to the questions displayed below] 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 51,600 machine hours per year, which represents 25,800 units of output. Annual budgeted fixed factory overhead costs are $258,000 and the budgeted variable factory overhead cost rate is $2.50 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 19,500 units, which took 40,600 machine hours. Actual fixed factory overhead costs for the year amounted to $251,600 while the actual variable overhead cost per unit was $2.40. ased on the information provided above, provide the appropriate journal entries: (a) to record the overhead cost variances for the eriod (thereby closing out the balance in the Factory Overhead account), and (b) to close the variance accounts to the Cost of Goods old (CGS) account at the end of the period. (Do not round intermediate calculations. Round your final answers to nearest whole ollar amount. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Note: Enter debits before credits. Journal entry worksheet Record the entry to close the variance accounts to cost of goods sold. Nete: Criter cubes befure eredas. Assume that at the end of the year, management of Patel and Sons decides that the overhead cost variances should be allocated to WIP Inventory. Finished Goods Inventory, and Cost of Goods Sold (CGS) using the following percentages: 10\%, 20\%, and 70\%, respectively. Provide the proper journal entry to close out the manufacturing overhead variances for the year. (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.) Journal entry worksheet Record the entry to close the variance accounts to Work in process inventory, Finished goods inventory, and Cost of goods sold. Note: finter debits before crodits. Based on the information provided above, calculate the following factory overhead variances for the year. Indicate whether each variance is favorable (F) or unfavorable (U). (Do not round intermediate calculations. Round your final answers to nearest whole dollar amount.)