Please help with the following question. Thank you.

Following are the variances for Headland Cooking Company for the month of July. Assume that the price variance for direct materials 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 or ending inventories for direct materials (F = favourable and U = unfavourable). Direct materials price variance $1,700 F Direct materials efficiency variance 800 F Labour price variance 1,000 U Labour efficiency variance 1,500 F Fixed overhead spending variance 300 U Variable overhead spending variance 800 F Variable overhead efficiency variance 500 F Headland Cooking considers anything greater than $3,000 as a material variance. Following are end-of-period inventory balances: Work in process $1,800 Finished goods 5,600 Cost of goods sold 42,600Determine whether the total variance amount is material. Total Variance Amount 4000 Favourable MaterialPrepare a journal entry to close the variances at the end of July. (Credit account titles are required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit X Ex X X X * X