1,500 F Following are the variances for Headland Cooking Company for the month of July. Assume that the price variance for direct materials is calculated at the time of purchase and that the amount of direct materials purchased is equal to the amount of direct materials used, with no beginning or ending inventories for direct materials (F - favourable and U- unfavourable). Direct materials price variance $1,700 F Direct materials efficiency variance 800 F Labour price variance 1,000 u Labour efficiency vanance Fixed overhead spending variance 300 u Variable overhead spending vanance Variable overhead efficiency variance 800 F 500 F Headland Cooking considers anything greater than $3,000 as a material variance. Following are end-of-period inventory balances: Work in process $1,800 Finished goods 5,600 Cost of goods sold 42,600 Prepare a journal entry to close the variances at the end of July. (Credit account titles are automatically indented when amount entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Acoount Titles and Explanation Debit Credit