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Variance journal entries At year-end, the trial balance of Pennopscott Corp. showed the following accounts and amounts: Debit Credit Raw Material inventory 573,200 Work in Process inventory 87,840 Fished Goods loventory 131.760 Cost of Goods Sold 1,171,200 Material Price Variance 14,500 Material Quantity Variance $21.930 Labor Rate: Variance 2.200 Labor Efficiency Variance 8.780 Assume that taken together, the variances are believed to be significant. Prepare the journal entries to close the variances at year-end Note: Record any multiple debits or any multiple credits in alphabetical order by account name. Note: Do not round allocation percentages. Note: Round your final answers to the nearest whole dollar. Include any rounding differences to balance the t-account in Cost of Goods Sold. Account Debit Credit Raw Material inventory 73,200 Workin Processinventory X