Exercise 11. (Part Level Submission) Following are the variances for Fine Products Manufacturing Company for the month of March. Assume that the price variance for direct material is calculated at the time of purchase and that the amount of direct materials purchased is equal to the amount of direct materials used, with no beginning er ending inventaries for direct materials Fourable and able) Direct material price walance 52000W Director cancy variance 1.500 Labour price race | 5.000 Labour affichanty walance 2.000 Flved overhead spending variance 200U Variable verhad spending variance 1.000 F Variable overhead officiency variance 1.200 Fine Products considers anything greater than 55.000 as material variance Foliowing are end-of-period inventory balances: work in process 2.000 Filed 6.000 Cost of goods sold 24,000 Your Determine whether the total variance amount is material 7900 The total variance untis Prepare a journal entry to close the variances at the end of March. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round all entries to whole amounts, e.g. 5,72s.) Account Titles and Explanation Credit Debit Direct Material Price Varlar 2000 x Direct Material Efficienc 1500 X Labour Price Variance 5000 X Labour Efficiency Variance 2000 x Fixed Overhead Spending 200 Variable Overhead Sper 1000 X Variable Overhead Efficien 1200 Work-in-Process Inventory Finished Goods Inventory Cost of Goods Sold |