Required information [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 outout 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. Based on the information provided above, calculate the following factory overhead variances for the year. Indicate whether each variance is favorable (F) or unfavorable (U). (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) - Toulouhod will (t Total Flexible budget variante (.) Production volume variance Required information [The following information applies to the questions displayed below. Patel und Scores Incearcar ter uses standard cost systeer to papaly factory covered costs to units produceerd. Practical capacity for the plant is defined as 50.000 machine hours per veur, which represents 25.000 units of cutout. Annual buducted fined factory Overhead costs are $250.000 and the budgeted variable factory overhead cost rate is $1 per unit. any vinent..................ning ... actual output for the year was 20,000 units, which took 11,000 meching hours. Actual fixed factory overhead coata for the VULI - $745.000 with us will... $300 Based on the information provided above, provide an appropriate end of year closing entry for each of the following two independent Situations at the nel lace EVPCVAL is closed entirely to best of Gul Scoli CSG) Anche nel factor VP! variance is allocated among WIP Inventory. Finished Goods Inventory, and CSS using the following percentages: 10%, 20%, and 70%, respcctively. (It no cntry is required tor a transaction/cvcnt, aclcct "No journal entry required in thc tirat account ticid. Journal entry workahoot 2 2 Raron the net wariance closed to rest of oonds and Nute. Gure La Trunction General Journal Dubit Crvelit Rondantry Clear entry View General Journal Required information [The following information applies to the questions displayed below! Petel and Sons Incorporated uses a standard cost system to apply factory overhead costs to units produced. Practical Capacity for the plant is verledes 50.000 machine hours per year. What represents 25.000 units of UULUL Aluel budgeted fixed factory overhead costs are $250.000 and the budgeted variable factory overhead cost rate is $4 per unit. Factor UN-aste Applied on the has ann machine hairlewater PARAFAH actual output for the year wac 20,000 units, which took 11,000 machine hours. Actual fixed factory overhead costs for the yoar amounted to $215,000, while the actual variablo overhead coct por unit was $3.90. Based on the information provided above, provide an appropriate and-of-year closing entry for each of the following two independent situations: (a) the net factory overhead cost variance is closed entirely to Cost of Goods Sold (CSG), and (b) the net factory overhead Variance is allocated among WIP Inventory. Finished Goods Inventory and CGS Hising the following percentage, 10% 20% and 70% respectively. (If no entry is required for a transaction/event, select "No Journal entry required" In the first account fleld.) View transaction list Journal entry worksheet
