Required informotion [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 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 $220 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 $210 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 colculations. 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.) 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 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 $220 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 $210. Assume that at the end of the year, management of Patel and Sons decides that the overhead cost variances should be allocated to WIP Inventory. Finished Goods Inventory, and Cost of Goods Sold (CGS) using the following percentages, 10\%, 20\%, and 70\%, respectively. Provide the proper journal entry to close out the manufacturing overhead variances for the year. (Do not round intermediote colculations. Round your finol answers to nearest whole dollor amount. If no entry is required for o tronsaction/event, select "No journal entry required" in the first occount field.) Journal entry worksheet 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 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 $220 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 $210 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 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 using the following percentages: 10%,20%, and 70%, respectively. (Do not round intermediate calculotions. Round your final answers to nearest whole dollar amount. If no entry is required for a transoction/event, select "No journal entry required" in the first occount field.) Required informotion [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 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 $220 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 $210 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 colculations. 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.) 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 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 $220 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 $210. Assume that at the end of the year, management of Patel and Sons decides that the overhead cost variances should be allocated to WIP Inventory. Finished Goods Inventory, and Cost of Goods Sold (CGS) using the following percentages, 10\%, 20\%, and 70\%, respectively. Provide the proper journal entry to close out the manufacturing overhead variances for the year. (Do not round intermediote colculations. Round your finol answers to nearest whole dollor amount. If no entry is required for o tronsaction/event, select "No journal entry required" in the first occount field.) Journal entry worksheet 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 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 $220 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 $210 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 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 using the following percentages: 10%,20%, and 70%, respectively. (Do not round intermediate calculotions. Round your final answers to nearest whole dollar amount. If no entry is required for a transoction/event, select "No journal entry required" in the first occount field.)