Required information [The following information applies to the questions displayed below.] 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 51,300 machine hours per year, which represents 25,650 units of output. Annual budgeted fixed factory overhead costs are $256,500 and the budgeted variable factory overhead cost rate is $2.40 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 18,900 units, which took 40,300 machine hours. Actual fixed factory overhead costs for the year amounted to $250,500 while the actual variable overhead cost per unit was $2.30. 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. (Do not round intermediate calculations. Round your final answers to nearest whole dollar amount. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record the factory overhead variances. Note: Enter debits before credits. Debit Credit Transaction General Journal a Cost of goods sold Production volume variance Variable overhead efficiency variance Variable overhead spending variance Record entry Clear entry View general journal View transaction list Journal entry worksheet Record the entry to close the variance accounts to Work in process inventory, Finished goods inventory, and Cost of goods sold. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal