Required information SB (Static) Patel and Sons ... [The following information applies fo the cuestions oisplayed betow] Patel and Sons incorporoted uses a standatd cost systento apply foctory civethead costs to unts prodiced. Practical capacity for the plant is defined as 50.000 machine fists per yea. whict reonerents 25 .000 units of output, Annual budgeted fixed factory overhead costs are $250.000 and int budgeted va iable factiory overthead cost rate is $4 per unit: Factory overnead costs are applied on the bas.s of standind machine hours nillowed foc units produced. Budgeted and actual output for the year was 20,000 unas which took 41000 maching lous Actual foed factory overhead costs for the year amounted to $245,000, while the actual variable overhead copt per unit was 53,90 Brief Exercise 15-18 (Static) Provide the correct summary journal entries for actual... [LO 15-3] Based on the information provided obove. provide the cotrect summery journal enties for actual and applied factory overitend costs (both variable and fived) for the year. Assume that the compary usen a single accpunt, Factoy Oyer head, to recard both actual and depreciation of $150,000 and supervisory salsies of $95,000 frtally assume that poith electricty erpensen ahad the supecisory solect 'No journal entry required' in the first occount feid.) select "No journal entry required" in the first occount field.) Journal entry worksheet Journal entry worksheet Record the overhead costs applled to production. Hiote: Enter debts before eredits