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 ofoutput. Annual budgeted fixed factory overhead costs are $250,000 and the budgeted variable factory overheadcost rate is $4 per unit. Factory overhead costs are applied on the basis of standard machine hours allowed for unitsproduced. Budgeted and actual output for the year was 20,000 units, which took 41,000 machine hours. Actual fixedfactory overhead costs for the year amounted to $245,000, while the actual variable overhead cost per unit was$3.90.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 theperiod (thereby closing out the balance in the Factory Overhead account), and (b) to close the variance accounts to the Cost of GoodsSold (CGS) account at the end of the period. (If no entry is required for a transaction/event, select "No journal entry required" in thefirst account field.)Answer is not complete.NoTransactionGeneral JournalDebitCreditProduction volurne varianceVariable overhead spending varianceFixed overhead spending varianceVariable overhead spending varianceFactory overhead2b.Cost of goods soldFactory overhead00000

Name: Patel and Sons Incorporated uses a standard cost system to apply fact
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: 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 ofoutput. Annual budgeted fixed fac