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Required information [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 42100 machine hours. Actual fixed factory overhead costs for the year amounted to $257100 while the actual variable overhead cost per unit was $290 Assume that at the end of the year, management of Patel and Sons decides that the overhead cost variances should be allocated to WIP Inventory, Finished Goods Inventory, and Cost of Goods Sold (CGS) using the following percentages: 30% 20%, and 50% respectively. Provide the proper Journal entry to close out the manufacturing overhead variances for the year. (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.) Record the entry to close the variance accounts to Work in process inventory, Finished goods inventory, and Cost of goods sold. Note: Enter debits before credits. General Journal Debit Credit Transaction 1 Record entry Clear entry View general Journal

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