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SB ( Algo ) Patel and Sons . . . Skip to question [ The following information applies to the questions displayed below. ] Patel
SB Algo Patel and Sons Skip to question 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 machine hours per year, which represents units of output. Annual budgeted fixed factory overhead costs are $ and the budgeted variable factory overhead cost rate is $ 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 units, which took machine hours. Actual fixed factory overhead costs for the year amounted to $ while the actual variable overhead cost per unit was $ Brief Exercise Algo Provide an appropriate endofyear closing entry.... LO Based on the information provided above, provide an appropriate endofyear 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: and respectively. Do not round intermediate calculations. Round your final answers to nearest whole dollar amount. If no entry is required for a transactionevent select No journal entry required" in the first account field.
SB Algo Patel and Sons
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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 machine hours per year, which represents units of output. Annual budgeted fixed factory overhead costs are $ and the budgeted variable factory overhead cost rate is $ 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 units, which took machine hours. Actual fixed factory overhead costs for the year amounted to $ while the actual variable overhead cost per unit was $
Brief Exercise Algo Provide an appropriate endofyear closing entry.... LO
Based on the information provided above, provide an appropriate endofyear 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: and respectively. Do not round intermediate calculations. Round your final answers to nearest whole dollar amount. If no entry is required for a transactionevent select No journal entry required" in the first account field.
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