Sunland was closing up shop for the season and for the fiscal year-end, as well. Managers had carefully evaluated the company's performance, comparing the actual results to budget. They even dug a little deeper into the flexible budget variances to determine the respective price and efficiency (or volume) variances. The following shows the framework used to determine these variances- although you'll notice that they neglected to label the differences. Actual Cost Unnamed Column Flexible Budget DM $66,600 $66,900 $65,800 DL 86,750 84,050 83,400 Variable-MOH 40,000 41,850 43,050 Actual Cost Master Budget Applied Fixed-MOH Fixed-MOH $52,300 $49,700 $51,600 For each resource, calculate and label the differences between actual cost and the unnamed middle comparison point, as well as the differences between the unnamed middle comparison point and the flexible budget. Be sure to specify the name, amount, and sign of these variances. DM $ 300 Favorable Price variance $ 1100 Unfavorable Efficiency variance Price variance Fixed-MOH 2600 Unfavorable $ 1900 Favorable Volume variance 2700 650 For each resource, calculate and label the differences between actual cost and the unnamed middle comparison point, as well as the differences between the unnamed middle comparison point and the flexible budget. Be sure to specify the name, amount, and sign of these variances. DL 2700 Unfavorable Variable-MOH 1850 Favorable 650 Unfavorable $ 1200 Favorable Record the journal entry to write off these variances directly to COGS this period. (Credit account titles are automatically indente when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amou List all debit entries before credit entries.) Account Titles and Explanation Debit Credit Accounts Payable Accounts Receivable Accumulated Depreciation Cash COGS DL Efficiency Variance DL Price Variance DM Efficiency Variance DM Inventory DM Price Variance FG Inventory Fixed-MOH Control Fixed-MOH Control Fixed-MOH Price Variance Fixed-MOH Volume Variance Prepaid Insurance Salaries and Wages Payable Sales Utilities Payable Variable-MOH Control Variable-MOH Efficiency Variance Variable-MOH Price Variance WIP Inventory