Required information SB (Static) Patel and Sons ... [The following information applies to the questions displayed below.] Patel and Sons Incorporated uses a standard cost system to apply factory overhead costs to units produced. Practical capacity for the plant is defined as 50,000 machine hours per year, which represents 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. Brief Exercise 15-18 (Static) Provide the correct summary journal entries for actual... [LO 15-3] ased on the information provided above, provide the correct summary journal entries for actual and applied factory overhead costs poth variable and fixed) for the year. Assume that the company uses a single account, Factory Overhead, to record both actual and pplied factory overhead. Also, assume that the only variable overhead cost was electricity and that actual fixed overhead consisted of epreciation of $150,000 and supervisory salaries of $95,000. Finally, assume that both electricity expense and the supervisory alaries expense have been incurred but not yet paid (i.e., both are current liabilities). (If no entry is required for a transaction/event, elect "No journal entry required" in the first account field.) Journal entry worksheet Note: Enter debits before credits. Journal entry worksheet Record the overhead costs applied to production. Note: Enter debits before credits