Closing the Balances in The Variance Accounts at the End of the Year Yohan Company has the following balances in its direct materials and direct labor variance accounts at year-end: Unadjusted Cost of Goods Sold equals $1,600,000, unadjusted Work in Process equais $306,000, and unadjusted Finished Goods equals $220,000. Requtred: 1. Assume that the ending balances in the variance accounts are immaterial and prepare the journal entries to close them to Cost of Goods Sold. Note: Close the variances with o debic balance first. If an amount box does not require an entry, leave it blank. What is the adjusted balance in Cost of Goods Sold after closing out the variances? Mat in the adpusted bulance in Cont of Goods sold aher clowing out the varisoces? on amount box does not require an entry, leave it blank. Votes Round ell interim calculations to three decimal placek, and round your final answers to the nearest dollar. Adjust credit entry for rounding to ensure debits equal credits in journal entry