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 37,200 units $ 717,500 722,400 17 647,200 Assume that Sheffer Systems had no beginning finished goods or direct materials Inventory and only produced one product. Sheffer sold 28,644 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 varlances. b. Assume Sheffer prorates all variances to the appropriate accounts. Prepare the entries Sheffer would make to record and close out the variances. ired A Required B ne Sheffer writes off all variances to Cost of Goods Sold. Prepare the entries Sheffer I make to record and close out the variances. If no entry is required for a transaction/event, select "No journal entry required" in the Iccount field. Event General Journal 1 Cost of goods sold 2 Direct materials efficiency variance 3 Direct materials price variance Required R S Show less A Debit Credit 9,900 4,900 14,800 Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does a. Assume Sheffer writes off all variances to Cost of Goods Sold. Prepare the entries Sheffer would make to record and close out variances. b. Assume Sheffer prorates all variances to the appropriate accounts. Prepare the entries Sheffer would make to record and clos the variances. Complete this question by entering your answers in the tabs below. Required A Required B Assume Sheffer prorates all variances to the appropriate accounts. Prepare the entries Sheffer would make to record and close out the variances. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. No Event General Journal A 1 Finished goods inventory Direct materials price variance B 2 Work-in-process inventory Direct materials efficiency variance C 3 Cost of goods sold Work-in-process inventory