Edney Company employs a standard cost system for product costing. The per-unit standard cost of its product is:

Raw materials	$ 14.00
Direct labor (2 direct labor hours $8.00 per hour)	16.00
Manufacturing overhead (2 direct labor hours $11.40 per hour)	22.80
Total standard cost per unit	$ 52.80

The manufacturing overhead rate is based on a normal capacity level of 600,000 direct labor hours. (Normal capacity is defined as the level of capacity needed to satisfy average customer demand over a period of two to four years. Operationally, this level of capacity would take into consideration sales trends and both seasonal and cyclical factors affecting demand.) The firm has the following annual manufacturing overhead budget:

Variable	$ 3,720,000
Fixed	3,120,000
	$ 6,840,000

Edney incurred $433,750 in direct labor cost for 53,700 direct labor hours to manufacture 26,000 units in November. Other costs incurred in November include $272,000 for fixed manufacturing overhead and $324,000 for variable manufacturing overhead.

List of General Journal Entries Title:No journal entry required;Accumulated depreciation Factory;Cost of goods sold;Factory overhead;Finished goods inventory;Fixed overhead spending variance;Production volume variance;Salaries payable;Total flexible budget variance;Utilities payable;Variable overhead efficiency variance;Variable overhead spending variance;Work in process inventory.

Prepare the appropriate journal entry to close all manufacturing overhead variances to the cost of goods sold (COGS) account. (Assume the cost variances you calculated above are for the year, not the month.) If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount

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Fixed overhead spending variance (debit) $10,400.00

Variable overhead spending variance (debit) $10,740.00

Cost of goods sold (debit) $1,400.00

Fixed overhead spending variance (credit) $12,000.00

Variable overhead efficiency variance (credit) $10,540.00