Dautrich, Inc. is a privately held furniture manufacturer. For August 2017, Dautrich had the following standards for one of (Click the icon to view the costs and varlances under the assumptions "option 2 .) its products, a wicker chair: (Click the icon to view the standards.) Requirement (Click the icon to view the costs and variances for actual production "option 1".) Prepare joumal entries and post them to T-accounts for the price and efficiency variances listed under the two options. Summarize how these journal entries differ from normal-costing entries. Standard Costs and Usage Option 1. Prepare the journal entry for the direct materials price variance. (Record debits first, then credits. Exclude explanations fro Option 1 Option 2 For August 2017, Dautrich had the following costs and variances for actual The following variances are under the assumption that 8,500 square yards of production of 2,100 chairs, 6,000 square yards of input purchased and used: materials were purchased, even though only 6,000 square yards were used. Suppose further that direct materials price variances are isolated and traced at the time of purchase to the purchasing department rather than to the production department. Dautrich, Inc. is a privately held furniture manufacturer. For August 2017, Dautrich had the following standards for one of (Click the icon to view the costs and varlances under the assumptions "option 2 .) its products, a wicker chair: (Click the icon to view the standards.) Requirement (Click the icon to view the costs and variances for actual production "option 1".) Prepare joumal entries and post them to T-accounts for the price and efficiency variances listed under the two options. Summarize how these journal entries differ from normal-costing entries. Standard Costs and Usage Option 1. Prepare the journal entry for the direct materials price variance. (Record debits first, then credits. Exclude explanations fro Option 1 Option 2 For August 2017, Dautrich had the following costs and variances for actual The following variances are under the assumption that 8,500 square yards of production of 2,100 chairs, 6,000 square yards of input purchased and used: materials were purchased, even though only 6,000 square yards were used. Suppose further that direct materials price variances are isolated and traced at the time of purchase to the purchasing department rather than to the production department