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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 overhead costs for the year amounted to $$245,000,$ while the actual variable overhead cost per unit was $$3\mathrm{.}90.$

Brief Exercise $15-19($Static$)$ Provide the appropriate journal entries... $[$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 is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.$)$

Journal entry worksheet

$1$

$2$

Record the factory overhead variances.