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Patel and Sons, Inc., uses a standard cost system to apply overhead costs to units produced. Practical capacity for the plant is defined as 55,200 machine hours per year, which represents 27,600 units of output. Annual budgeted fixed overhead costs are $276,000 and the budgeted variable overhead cost rate is $3.70 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 21,500 units, which took 44,200 machine hours. Actual fixed overhead costs for the year amounted to $269,200 while the actual variable overhead cost per unit was $3.60.

Question#1)

Based on the information provided above, provide the correct summary journal entries for actual and applied 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 overhead. Also, assume that the only variable overhead cost was electricity and that actual fixed overhead consisted of depreciation of $168,000 and supervisory salaries of $96,800. (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.)

Transaction#1(to recordthe actual overhead costs)

General Journal Debit Credit

Factory (or, manufacturing) overhead 342,200

Utilities payable 77,400

Accumulated depreciationfactory 168,000

Salaries payable 96,800

(personal note: transaction number 1 is complete and correct)

Transaction#2(to record the overhead costs applied to production)

General JournalDebitCredit

Work in process inventory

Factory (or, manufacturing) overhead

Question#2)

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 CGS account at the end of the period. (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.)

Transaction#1 ( to record the factory overhead variances)

Transaction#2 (to record the entry to close the variance accounts to cost of good sold)

Instructions:

For question#1, the transaction #1 is complete and correct/ Transaction #2 is incomplete. I need the complete journal entries and amounts. the GL account names available are: accumulated depreciation-factory, factory or manufacturing overhead, salaries payable, utilities payable, work in process inventory. I would really appreciate the calculations shown.

For question#2. transaction number 1 and 2 are needed in full. the GL account names available are: cost of goods sold, factory or manufacturing overhead, fixed overhead spending variance, production volume variance, variable overhead efficiency variance, variable overhead spending variance. I would really appreciate the calculations shown.

thank you.