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 87,840 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. Account Debit Credit Answer Raw Material Inventory Answer 725 Answer 0 Answer Work in Process Inventory Answer 870 Answer 0 Answer Finished Goods Inventory Answer 1,305 Answer 0 Answer Cost of Goods Sold Answer 11,600 Answer 0 Answer Material Price Variance Answer 0 Answer 14,500 To dispose of the material price variance Answer Raw Material Inventory Answer 21,930 Answer 0 Answer Work in Process Inventory Answer 2,200 Answer 0 Answer Labor Efficiency Variance Answer 0 Answer 8,780 Answer Work in Process Inventory Answer 0 Answer 967.05 Answer Finished Goods Inventory Answer 0 Answer 1,458.25 Answer Cost of Goods Sold Answer 0 Answer 12,924.7 To dispose of the remaining material and labor variances