The cost analyst for Sheffer Systems collected the following data concerning direct materials: Assume that Sheffer Systems had no beginning finished goods or direct materials inventory and only produced one product. Sheffer sold 27,720 units during the period. Required: a. Assume Sheffer writes off all variances to Cost of Goods Sold. Prepare the entries Sheffer would make to record and close out the variances. b. Assume Sheffer prorates all variances to the appropriate accounts. Prepare the entries Sheffer would make to record and close out the variances. Journal entry worksheet Record the standard cost of materials used and the materials efficiency variance. Note: Enter debits before credits. Journal entry worksheet Record the cost of the direct materials purchased and the materials price variance. Note: Enter debits before credits. Journal entry worksheet Record the closure of direct material cost variances to Cost of Goods Sold. Note: Enter debits before credits