Fischer Fabrication reported the following information concerning its direct materials:

Direct materials purchased $($actual$)$

Standard cost of materials purchased

Standard price times actual amount of materials used

Actual production

Standard direct materials costs per unit produced

$$365,000$

$$352,000$

$$324,000$

$55,000$ units

$$6$

Assume that Fischer Fabrication had no beginning finished goods inventory and only produced one product. A count of inventory showed that $4,400$ units remained in the warehouse.

Required:

a$.$ Assume Fischer writes off all variances to Cost of Goods Sold. Prepare the entries Fischer would make to record and close out the variances.

b$.$ Assume Fischer prorates all variances to the appropriate accounts. Prepare the entries Fischer would make to record and close out the variances.