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: Debit Credit Direct Materials Price Variance $14,250 Direct Materials Usage Variance $1,270 Direct Labor Rate Variance 900 Direct Labor Efficiency Variance $13,000 Unadjusted Cost of Goods Sold equals $1,580,000, unadjusted Work in Process equals $246,000, and unadjusted Finished Goods equals $250,000 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 or enter "o". Cost of Goods Sold 27.250 Direct Materials Price Variance 14,250 Direct Labor Efficiency Variance 13,000 Close variances with debit balance 0 . 1.270 0