Davidow, Inc. is a privately held furniture manufacturer. For August 2020, Davidow had the following standards for one of its products, a wicker chair: (Click the icon to view the standards.) (Click the icon to view the costs and variances for actual production "option 1".) E (Click the icon to view the costs and variances under the assumptions "option 2".) Requirement Prepare joum ... Option 1. Prepare the journal entry for the direct materials price variance. (Record debits first, then credits. Exclude explanations from any journal entries.)