87,840 Variance journal entries At year-end, the trial balance of Pennopscott Corp. showed the following accounts and amounts: Debit Credit Raw Material Inventory $73,200 Work in Process inventory Finished Goods Inventory 131,760 Cost of Goods Sold 1,171,200 Material Price Variance 14,500 Material Quantity Variance $21.930 Labor Rate Variance 2,200 Labor Efficiency Variance 8,780 Assume that, taken together, the variances are believed to be significant. Prepare the journal entries to close the variances at year-end Note: Record any multiple debits or any multiple credits in alphabetical order by account name. Note: Do not round allocation percentages, Note: Round your final answers to the nearest whole dollar. Include any rounding differences to balance the t-account in Cost of Goods sold