Diva, Inc. is a privately held furniture manufacturer. For August 2020, Diva 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".) Option 1. Prepare the journal entry for the direct materials price variance. (Record debits first, then credits. Exclude explanations from any journal entries.) Date 1. (a) Journal Entry Accounts Debit Credit C (Click the icon to view the costs and variances under the assumptions "option2".) Requirement Prepare journal 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 Standards per Chair Direct materials 2 square yards of input at $5.40 per square yard Direct manufacturing labor 0.5 hour of input at $10.30 per hour Print Done - X