Cook Company processes and packages frozen seafood. The year just ended was Cook's first year of business and they are preparing financial statements. The immediate issue facing Cook is the treatment of the direct labor costs Cook set a standard at the beginning of the year that allowed two hours of direct labor for each unit of output. The standard rate for direct laboris $34 per hour. During the year, Cook processed 61.400 units of seafood for the year, of which 4,912 units are in ending finished goods. (There are no work in process inventories). Cook used 127.000 hours of labor. Total direct labor costs paid by Cook for the year amounted to $3,927500. Journal entry worksheet Record the closure of direct labor cost variances to Cost of Goods Sold. Note: Enter debits before credits Event General Journal Debit Credit 2