Journal entry worksheet Record the closure of direct labor cost variances to Cost of Goods Sold and Finished Goods Inventory. Note: Enter debits before credits. Journal entry worksheet Record the cost of the direct materials purchased and the materials price variance. Note: Enter debits before credits. Journal entry worksheet Record the standard cost of materials used and the materials efficiency variance. Note: Enter debits before credits. Journal entry worksheet Record the closure of direct labor cost variances to Cost of Goods Sold. Note: Enter debits before credits. Journal entry worksheet Record the cost of the direct materials purchased and the materials price variance. Note: Enter debits before credits. Journal entry worksheet Record the standard cost of materials used and the materials efficiency variance. Note: Enter debits before credits. Exercise 17.23 (Algo) Prorating Direct Materials Cost Variances (LO 17-1) Fischer Fabrication reported the following information concerning its direct materials: Assume that Fischer Fabrication had no beginning finished goods inventory and only produced one product. A count of inventory showed that 4,488 units remained in the warehouse. Required: a. Assume Fischer writes off all variances to Cost of Goods Sold. Prepare the entries Fischer would make to record and close out the variances. b. Assume Fischer prorates all variances to the appropriate accounts. Prepare the entries Fischer would make to record and close out the variances