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 52,800 machine hours per year, which represents 26,400 units of output. Annual budgeted fixed factory overhead costs are $264,000 and the budgeted variable factory overhead cost rate is $2.90 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 19,900 units, which took 41,800 machine hours. Actual fixed factory overhead costs for the year amounted to $256,000 while the actual variable overhead cost per unit was $2.80. Based on the Information provided above, provide an appropriate end-of-year closing entry for each of the following two Independent situations: (a) the net factory overhead cost varlance 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 using the following percentages: 20%, 20%, and 60%, respectively. (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.) View transaction list Journal entry worksheet Record the net variance closed to cost of goods sold. Note: Enter debits before credits. Debit Credit a Transaction General Journal Factory overhead Accumulated depreciation-Factory Salaries payable Utilities payable Record entry Clear entry View general journal