At year-end 2013, 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. Round any necessary calculations to one decimal point.

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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 Debit $ 73,200 87,840 131,760 1,171,200 14,500 8,780 Credit $21,930 2,200 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 Debit $ 73,200 87,840 131,760 1,171,200 14,500 8,780 Credit $21,930 2,200

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