Refer to the summary of variances in Exercise 11.16. At Bell Computers, the ending balance in Finished Goods Inventory is $117,000; the ending balance in Work in Process Inventory is $54,000, and the balance in Cost of Goods Sold is $437,500. 

Required 

Prepare a journal entry to close the variance accounts at Bell Computers. Assume that the total variance is material and is apportioned among Finished Goods Inventory, Work in Process Inventory, and Cost of Goods Sold. 

Data From Exercise 11.16

Transcribed Image Text:

Bell Computers Variance Summary for the Year Ended December 31, 2021 ($ 3,600) favorable 3,900 unfavorable (1,650) favorable 5,650 unfavorable Material price variance Material quantity variance Labor rate variance Labor efficiency variance Controllable overhead variance 2,550 unfavorable 4,270 unfavorable Overhead volume variance Total $ 11,120 unfavorable