Tulip Inc. uses standard costing, and its manufacturing standards are as follows: 6.5 pounds of materials at $11.2 per pound, and 12 hours of labor at $19 per hour. Budgeted production last period was 5,900 units, and actual production and sales was 4.350 units. Last period, Tulip purchased and used 32,300 pounds of materials for $195,000, and used 15.900 labor hours, costing $154,000. What is the journal entry to record the transfer of materials to the Cost of Goods Sold account? Saved $361,760 Cost of Goods Sold Direct Materials Quantity Variance Direct Materials Inventory $ 45,080 $316,680 Cost of Goods Sold Direct Materials Inventory $316,680 $316,680 Cost of Goods Sold Direct Materials Quantity Variance Direct Materials Inventory $316,680 $ 45,080 $361,760 Cost of Goods Sold Direct Materials Inventory $195,000 $195,000