EXERCISE 11-17. (Appendix) Closing variance accounts for Bell Computers is as follows The variance summary iber 31, 2006

$(4,150) Favorable 3,250 Unfavorable

(115) Favorable 2,600 Unfavorable 2,500 Unfavorable 4,500 Unfavorable

$8,585 Unfavorable Bell Computer Company Variance Summary for the Year Ended December 3 1

, Material price variance Material quantity variance Labor rate variance Labor efficiency variance Controllable overhead variance Overhead volume variance Total Required Prepare a journal entry to close the variance accounts at Bell Computers. Assume that the total variance is not material and is closed to cost of goods sold.