Required information [The following information applies to the questions displayed bolow.] 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 50,700 machine hours per year, which represents 25,350 units of output. Annual budgeted fixed factory overhead costs are $253,500 and the budgeted variable factory overhead cost rate is $2.20 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 18,700 units, which took 39,700 machine hours. Actual fixed factory overhead costs for the year amounted to $248,300 while the actual variable overhead cost per unit was $2.10. Assume that at the end of the year, management of Patel and Sons decides that the overhead cost variances should be allocated to VIP Inventory, Finished Goods Inventory, and Cost of Goods Sold (CGS) using the following percentages: 10\%, 20\%, and 70\%, espectively. Provide the proper journal entry to close out the manufacturing overhead variances for the year. (Do not round ntermediate calculations. Round your final answers to nearest whole dollar amount. If no entry is required for a transaction/event, elect "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