5. 3. Record the following journal entries for Takei Corp.: (a) Purchased materials on credit for $12,000, resulting in a $260 favorable material price variance. (b) Incurred $24,600 of direct labor costs on credit, resulting in the following variances: Labor rate variance: $360 unfavorable Labor efficiency variance: $215 favorable Closed the variance accounts at the end of the acctg. period. Note: Some numbers in the journal may have to be plugged. (d) Assume that the variances in entries (a) and (b) are significant. Account balances at year end were as follows: $580,000 Cost of Goods Sold Finished Goods Inventory Work in Process Inventory Raw Materials Inventory 120,000 110,000 accounts at the end of the period