Variance journal entries At year-end, the trial balance of Pennopscott Corp. showed the following accounts and amounts: Debit Credit $73,200 87,840 131,760 1,171,200 14,500 Raw Material Inventory Work in Process Inventory Finished Goods Inventory Cost of Goods Sold Material Price Variance Material Quantity Variance Labor Rate Variance Labor Efficiency Variance 8,780 Assume that, taken together, the variances are believed to be significant. Prepare the journal entries to close the variances at year-end. Note: Record any multiple debits or any multiple credits in alphabetical order by account name. Note: Do not round allocation percentages. Note: Round your final answers to the nearest whole dollar. Include any rounding differences to balance the t-account in Cost of Goods Sold. Account $21,930 2,200 O O Debit Credit

Variance journal entries At year-end, the trial balance of Pennopscott Corp. showed the following accounts and amounts: Assume that, taken together, the variances are believed to be significant. Prepare the journal entries to close the variances at year-end. Note: Record any multiple debits or any multiple credits in alphabetical order by account name. Note: Do not round allocation percentages. Note: Round your final answers to the nearest whole dollar. Include any rounding differences to balance the t-account in Cost of Goods Sold