BusinessCourse # Return to course @ Supp Debit Credit Raw Material Inventory $73,200 Work in Process Inventory 87,840 Finished Goods Inventory 131,760 Cost of Goods Sold 1,171,200 Material Price Variance 14,500 Material Quantity Variance $21,930 Labor Rate Variance 2,200 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 Debit Credit 0 O O 0 To dispose of the material price variance o o O Cost of Goods Sold To dispose of the remaining material and labor variances