You have a business fabricating Fake News $($FNs$)$ out of Whole Cloth $($WC$).$ Each FN should take $5$ yards of WC$.$ You expect to pay $$20$ per yard of WC$.$

During $2024$ you fabricated $110$ FNs and used $560$ yards of WC$,$ which cost $$11,000($there is no change in WC inventory $-$ what you buy is what you use$).$

Calculate the usage and price variances for Whole Cloth used in $2024.$

How much will COGS change, and in what direction, when these variances are closed out?