Requlred Information SB (Static) Patel and Sons ... [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 output for the year was 20,000 units, which took 41,000 machine hours. Actual fixed factory ovemead costs for the year amounted to $245,000, while the actual variable overhead cost per unit was $3.90. Brlef Exerclse 15-19 (Static) Provide the approprlate Journal entrles... [LO 15-4] 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 Overnead account), and (b) to close the variance accounts to the Cost of Goods Sold (CGS) account at the end of the period. (If no entry Is requlred for a transactlon/event, select "No journal entry required" In the first eccount fleld.) Journal entry worksheet Note: Enter debits-before credits. Required Information SB (Static) Patel and Sons ... [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 output for the year was 20,000 units, which took 41,000 machine hours. Actual fixed factory overnead costs for the year amounted to $245,000, while the actual variable overhead cost per unit was $3.90. Brlef Exerclse 15-19 (Static) Provide the approprlate journal entrles... [LO 15-4] 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. (If no entry ls required for a transactlon/event, select "No journal entry required" In the first eccount fleld.) Journal entry worksheet Record the entry to close the variance accounts to cost of goods sold. Note: Enter debits before credits
