Use the following information for the next 2 questions.
Given the following account balances at the end of the first year of operations: 
-Assuming that variances are considered material, the entry and amount of the direct material price variance allocated to Cost of Goods Sold is
Definitions:
Tourist Shop
A store that specializes in selling souvenirs and merchandise aimed at tourists.
Markup
The amount by which the cost of a product is increased to arrive at its selling price.
Selling Price
The amount of money for which an item or service is sold to a customer.
Markup Rate
The percentage increase applied to the cost price of goods to calculate the selling price.
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