question 10

Patel and Sons incorporated uses a standard cost system to apply ractory overnead the plant is defined as 50,000 machine hours per year, which tepresents 25,000 units of output. Annual budgeted fixed factory overhead costs are $250,000 and the budgeted variable factory overhead cost rate is $4 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 20,000 units, which took 41,000 machine hours. Actual fixed factory overhead costs for the year amounted to $245,000, while the actual variable overhead cost per unit was $3.90. Brlef Exerclse 15-19 (Statlc) Provide the appropriate journal entrles... [LO 15-4] 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Note: Enter debits before credits. Record the entry to close the variance accounts to cost of goods sold. Note: Enter debits before credits