Dawson, Inc. is a privately held furniture manufacturer. For August 2020, Dawson 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 E3) (Cick the ioon to view the costs and variances under the assumptions "option 2") Requirement Prepare journal entries and post thern to T-accounts for the price and efficiency variances listed under the two options. Summarize how these journal antries differ from normal-costing entries Option 1. Prepare the journal entry for thejdirect materials price variance. (Record debits firtt, then credits. Exclude explanatens from ary joumal entries) Standard Costs and Usage For August 2020, Dawson had the following costs and variances for actual production of 2,200 chairs, 6,200 square yards of input purchased and used: The following variances are under the assumption that 8,700 square yards of materials were purchased, even though only 6,200 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. 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