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 $1,500,000, unadjusted Work in Process equals $236,000, and unadjusted Finished Goods equot $180,000. Required: 1. Assume that the ending balances in the variance accounts are immaterial and prepare the foumal 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 entar "o.". What is the adjusted baiance in Cost of Goods Sold after closing out the variances? 2. What if any ending balance in a variance account that exceeds $10,000 is considered material? (a) Close the immaterial variance accounts to Cost of Goods Sold. (b) Prorate the largest of the labor variances among Cost of Goods 5old, Work in Process, and Finished Goods on the basis of prime costs in these accounts. (c) Prorate the largest of the material varlances among Cost of Goods Sold, Work in Process, and Finished Goods on the basis of prime costs in these accounts. The prime cost in Cost of Goods 50id is $1,050,000, the prime cost in Work In Process is $165,200, and the prime cost in Finished Goods is $126,000. If an amount box does not require an entry, leave it blank or enter " 0 . Round all interim calculations to four decimal olaces, and round your What are the adjusted balances in Work in Process, Finished Goods, and Cost of Goods Sold after elosing out all variances