L01 PROBLEM 24.8B Understanding Cost 103 Variances: Solving for Missing Data Foding Corporation has supplied the following information obtained from its standard cost system in May: L04 The following journal entries were made during May with respect to Foding's standard cost system: f. Prepare a journal entry to record the transfer of all work in process to finished goods at the end of May. g. Close all cost variances directly to the Cost of Goods Sold account at the end of May. h. Was Foding's production output in May more or less than its normal level of output? How can you tell