At year-end 2013, 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 decimal point.

Raw 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 Debit $ 73,200 87,840 131,760 1,171,200 14,500 8,780 Credit $21,930 2,200