Cosing the Balances in The Variance Accounts at the End of the Year Yohan Compary has the following balances in its direct materials and direct labor variance accounts at year-end: Unadjusted Cost of Goods Sold equals $1,530,000, unadjusted Work in Process equats $256,000, and unadjusted Finished Goods equais $240,000. 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 5 old. Note: Close the variances with a debit balance first. If an amount box does not require an entry, leave it blank. What is the adjusted baiance in Cost of fiosds 5 old atter closing out the variances? What is the adjusted belance in Cost of Goods 501d after closing out the variances? 2. What if any ending balance in a variance account that exceeds $9,000 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 50td, Workin Process, and Finisized Goods on the basis of prime costs in these accounts. (c) Prorate the largest of the material variances among Cost of Coods Sold, work in Process, and Finished Goods on the basis of prime costs in these accounts, The prime cost in Cost of Goods 501d is $1,060,000, the prime cost in Work in Process is 5163,600 , and the prime cost in Finished Goods is $133,000. If an amount box does not require an entry, leave it blank. Note: Round all interim calculations to three decimal places, and round your final answers to the nearest dollar. Adjust credit entry for rounding to enture debits equal credits in journal entry. What are the adjusted balances in work in Process, Finisted Goods, and Cost of Goods Sold after closing out all variances? What are the adjusted balances in Work in Process, Finished Goods, and Cost of Goods Sold after closing out all variances