The cost analyst for Sheffer Systems collected the following data concerning direct materials: Actual production Direct materials purchased (actual) Standard cost of materials purchased Standard direct materials costs per unit produced Standard price times actual amount of materials used 39,200 units $ 719,500 726,400 17 682,200 Assume that Sheffer Systems had no beginning finished goods or direct materials inventory and only produced one product. Sheffer sold 30,184 units during the period. Required: a. Assume Sheffer writes off all variances to Cost of Goods Sold. Prepare the entries Sheffer would make to record and close out the variances. b. Assume Sheffer prorates all variances to the appropriate accounts. Prepare the entries Sheffer would make to record and close out the variances.