At year-end 2010, the trial balance of Pennopscott Corp. showed the following accounts and amounts:

Assume that, taken together, the variances are believed to be significant. Prepare the journal entries to close the variances at year-end. Round any necessary calculations to one decimalpoint.

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Debit Credit 73,200 87,840 131,760 1,171,200 14,500 Direct Material Inventory Work in Process Inventory Finished Goods Inventory Cost of Goods Sold Material Price Variance Material Quantity Variance Labor Rate Variance Labor Efficiency Variance VOH Spending Variance VOH Efficiency Variance FOH Spending Variance Volume Variance $21,930 8,780 7,200 1,300 2,950