Note --- I posted this question before, and the answer showed the variance computations, but it didn't address how to "record" them, and did nothing in the "close out the variance account" parts. Those are the parts I need the most help with.

The company has provided the following production information for this year $9.60 Actual direct labor wage rate Actual material cost per unit for the period $6.25 $6.00 Standard cost of raw material per unit Standard direct labor rate per hour $10.00 Standard number of units of raw material per finished unit 4 Standard direct labor hours per finished unit 3 6,000 Actual production of finished units Actual units of materials purchased & used 21,360 Actual hours of direct labor used. 19,300 1. Compute and record direct material and direct labor standard cost variances. 2. Close out the variance accounts