SB $($Algo$)$ 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 $50,400$ machine hours per year, which represents $25,200$ units of output. Annual

budgeted fixed factory overhead costs are $$252,000$ and the budgeted variable factory overhead cost rate is $$210$ 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 $18,600$ units, which took $39,400$ machine hours. Actual fixed factory overhead costs for

the year amounted to $$247,200$ while the actual variable overhead cost per unit was $$2\mathrm{.}00.$

Brief Exercise $15-18($Algo$).$ Provide the correct summary journal entries for actual.... $[$LO $15-3]$

Based on the information provided above, provide the correct summary journal entries for actual and applied factory overhead costs

$($both variable and fixed$)$ for the year. Assume that the company uses a single account, Factory Overhead, to record both actual and

applied factory overhead. Also, assume that the only variable overhead cost was electricity and that actuat fixed overhead consisted of

depreciation of $$152,000$ and supervisory salaries of $$95,200$ Finally, assume that both electricity expende and the supervisory

salaries expense have been incurred but not yet paid $($i$.$e$.,$ both are current liabilities$).$

Note: Do not round intermediate calculations. Round your final answers to nearest whole dollar amount. If no entry is required for

a transaction or event, select $"$No journal entry required" in the first account field.

Journal entry worksheet

B

Record the actual overhead costs.

Note: Enter debits before credits.