Direct Materials Variances: Journal Entries Chypre, Inc., produces a cologne mist using a solvent mix (water and pure alcohol) and aromatic compounds (the scent base) that it sells to other companies for bottling and sale to consumers. Chypre developed the following standard cost sheet: Direct Material Mix Mix Proportion SP Standard Cost Solvent mix 760 gallons 0.95 $ 5.27 $ 4,005.20 Aromatic compounds 40 0.05 8,000.00 320,000.00 Total 800 gallons $324,005.20 Yield 720 gallons On May 2, Chypre produced a batch of 1,000 gallons with the following actual results: Direct Material Solvent mix Actual Mix 945 gallons 55 Aromatic compounds Yield Total 1,000 gallons 880 gallons Chypre, Inc., purchased the amount used of each direct material input on May 2 for the following actual prices: solvent mix for $5.20 per gallon, and aromatic compound for $8,010 per gallon. Required: 1. Compute the direct materials price variances. If required, round your answers to the nearest cent. Solvent mix: MPV $ Aromatic compounds: MPV $ Journalize the direct materials price variances. If required, round your answers to the nearest cent. If an amount box does not require an entry, leave it blank. Solvent mix: Aromatic compounds: Combined: 2. Compute the direct materials usage variance. In your computations, round the standard quantities to two decimal places. Round your final answer to the nearest cent. Journalize the direct materials usage variances. In your computations, round the standard quantities to two decimal places. Round your final answers to the nearest cent. If an amount box does not require an entry, leave it blank. Solvent mix: Aromatic compounds: Combined