The standard cost variance accounts of Sun City Company at the end of its fiscal year had the following balances:

Materials price variance (unfavorable) $18,000

Materials usage variance (unfavorable) 14,400

Labor rate variance (favorable) 10,800

Labor efficiency variance (unfavorable) 39,600

Overhead budget variance (favorable) 2,000

Overhead volume variance (unfavorable) 21,600

Prepare one journal entry to record the closing of the variance accounts to Cost of Goods Sold.