Required information SB (Static) Patel and Sons .... [The following information applies to the questions displayed beiow] Patel and Sons incorporated uses a standard cost system to apply factory overhedd 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 foxed factory overkead 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 41000 machine hours. Actual foyed factory overhead costs for the year amounted to $245.000, while the actual variable overhead cost per unit was $3.90. Brief Exercise 15-19 (Static) Provide the oppropriate journal entries... [LO 15-4] Based on the information ptovided above, provide the appropriate journal entries fal to tecord the overhead cost variances for the period (thereby ciosing out the balance in the Factory overhead account), and (b) to close the variance accounts to the Cost of Goods Sold (CGS) eccount at the end of the penod. (Of no entry is required for o trensection/event, select "No journal entry required" in the First account field.) Journal entry worksheet Based on the information provided above, provide the appropriate journal entries (a) to re period (thereby closing out the balance in the Factory Overhead account), and (b) to close Sold (CGS) account at the end of the period. (If no entry is required for a transaction/eve 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. Note: Enter debits before credits