Please do not give solution in image format ? 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 forthe plant is defined as 50,000 machine hours per year, which represents 25,000 units of output. Annual budgeted fixedfactory overhead costs are $250,000 and the budgeted variable factory overhead cost rate is $4 per unit. Factoryoverhead costs are applied on the basis of standard machine hours allowed for units produced. Budgeted and actualoutput for the year was 20,000 units, which took 41,000 machine hours. Actual fixed factory overhead costs for the yearamounted to $245,000, while the actual variable overhead cost per unit was $3.90. Assume that at the end of the year, management of Patel and Sons decides that the overhead cost variances should be allocated toWIP Inventory, Finished Goods Inventory, and Cost of Goods Sold (CGS) using the following percentages: 10%, 20%, and 70%,respectively. Provide the proper journal entry to close out the manufacturing overhead variances for the year. (If no entry is requiredfor a transaction/event, select "No journal entry required" in the first account field.)

Name: Please do not give solution in image format ? Required information[The
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Please do not give solution in image format ? 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 capaci