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losing the Balances in The Variance Accounts at the End of the Year ohan Company has the following balances in its direct materials and direct labor variance accounts at year-end: Debit Credit Direct Materials Price Variance Direct Materials Usage Variance Direct Labor Rate Variance Direct Labor Efficiency Vanance Unadjusted Cost of Goods Sold equals $1,500,000, unadjusted Work in Process equals $236,000, and unadjusted Finished Goods equals $180,000. Required: $13,450 $1,100 870 $12,340 1. Assume that the ending balances in the variance accounts are immeterial and prepare the journal entries to close them to Cost of Goods Sold. Note: Close the variances with a debit balance first.1f an amount box does not reauire an entry, eaoe it blank or enter "o" et is the adjusted balance in Cost of Goods Scld after closing out the veriances