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: Direct Materials Price Variance Direct Materials Usage Variance Direct Labor Efficiency Variance Direct Labor Rate Variance Debit Credit $14,350 $1,140 8201 $13,000 Unadjusted Cost of Goods Sold equals $1,560,000, unadjusted Work in Process equals $276,000, and unadjusted Finished Goods equals $210,000 Required: 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 a debit balance first. If an amount box does not require an entry, leave it blank. Cost of Goods Sold Direct Materials Price Variance Direct Labor Efficiency Variance Close variances with debit balance Direct Materials Usage Vanance 27.350 14,350 13,000 Direct Labor Rate Variance Cost of Goods Sold Close variances with credit balance 1,140 820 1960