[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 53,100 machine hours per year, which represents 26,550 units of output. Annual budgeted fixed factory overhead costs are $265,500 and the budgeted variable factory overhead cost rate is $3.00 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 20,500 units, which took 42,100 machine hours. Actual fixed factory overhead costs for the year amounted to $257,100 while the actual variable overhead cost per unit was $2.90. Brief Exercise 15-19 (Algo) 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. (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.) View transaction list Journal entry worksheet Record the factory overhead variances. Note: Enter debits before credits. Transaction Debit Credit a General Journal Production volume variance Variable overhead efficiency variance Fixed overhead spending variance Variable overhead spending variance Factory overhead Dardant Clean Viliul [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 53,100 machine hours per year, which represents 26,550 units of output. Annual budgeted fixed factory overhead costs are $265,500 and the budgeted variable factory overhead cost rate is $3.00 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 20,500 units, which took 42,100 machine hours. Actual fixed factory overhead costs for the year amounted to $257,100 while the actual variable overhead cost per unit was $2.90. Brief Exercise 15-19 (Algo) 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. (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.) View transaction list Journal entry worksheet Record the entry to close the variance accounts to cost of goods sold. Note: Enter debits before credits. Transaction Debit Credit b General Journal Cost of goods sold Factory overhead Ceramt Violiwal