The cost analyst for Sheffer Systems collected the following data concerning direct materials: Actual production Direct materials purchased (actual) Standard cost of materials purchased Standard direct materials costs per unit produced Standard price times actual amount of materials used 37,200 units $ 717,500 722,400 17 647,200 Assume that Sheffer Systems had no beginning finished goods or direct materials Inventory and only produced one product. Sheffer sold 28,644 units during the period. Required: a. Assume Sheffer writes off all varlances to Cost of Goods Sold. Prepare the entries Sheffer would make to record and close out the varlances. b. Assume Sheffer prorates all variances to the appropriate accounts. Prepare the entries Sheffer would make to record and close out the varlances. View transaction list Journal entry worksheet A B C Record the standard cost of materials used and the materials efficiency variance. Note: Enter debits before credits. Event 1 General Journal Debit Credit Show less >