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Gateshead Industries manufactures a single product and started the year with no inventories. Selected information about results for the period just ended include the following: Thirty percent of this period's production has not been sold. There are never any work-in-process inventories. Required: a. Assume Gateshead writes off all variances to Cost of Goods Sold. Prepare the entries the company would make to record and close out the variances. b. Assume Gateshead prorates all variances to the appropriate accounts. Prepare the entries the company would make to record and close out the variances. Complete this question by entering your answers in the tabs below. Assume Gateshead writes off all variances to Cost of Goods Sold. Prepare the entries the company would make to record and close out the variances. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Complete this question by entering your answers in the tabs below. Assume Gateshead writes off all variances to Cost of Goods Sold. Prepare the entries the company would make to record and close out the variances. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the purchase of various variable overhead resources. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Assume Gateshead prorates all variances to the appropriate accounts. Prepare the entries the company would make to record and close out the variances. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the purchase of various variable overhead resources. Note: Enter debits before credits. Gateshead Industries manufactures a single product and started the year with no inventories. Selected information about results for the period just ended include the following: Thirty percent of this period's production has not been sold. There are never any work-in-process inventories. Required: a. Assume Gateshead writes off all variances to Cost of Goods Sold. Prepare the entries the company would make to record and close out the variances. b. Assume Gateshead prorates all variances to the appropriate accounts. Prepare the entries the company would make to record and close out the variances. Complete this question by entering your answers in the tabs below. Assume Gateshead writes off all variances to Cost of Goods Sold. Prepare the entries the company would make to record and close out the variances. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Complete this question by entering your answers in the tabs below. Assume Gateshead writes off all variances to Cost of Goods Sold. Prepare the entries the company would make to record and close out the variances. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the purchase of various variable overhead resources. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Assume Gateshead prorates all variances to the appropriate accounts. Prepare the entries the company would make to record and close out the variances. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the purchase of various variable overhead resources. Note: Enter debits before credits