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".) (Click t Requireme Prepare jou two options For August 2020, Diva had the following costs and variances for actual production of 2,500 chairs, 7,100 square yards of input purchased and used: Option 1: Actual production Actual input x Flexible Direct materials $ Direct Materials Control Direct Materials Price Variance Direct Materials Efficiency Variance Direct manufacturing labor Actual costs 38,340 $ 9,870 Budgeted price budget costs 37,630 $ 9,776 39,750 13,000 Price Efficiency variances variances Direct materials $ Work-in-Process Control Direct Mfg. Labor Price Variance Direct Mfg. Labor Efficiency Variance Direct manufacturing labor 710 U 94 U $ 2,120 F 3,224 F Wages Payable Control Accounts Payable Control Option 2. Prepare the journal entry for the direct materials price variance. (Record debits first, then credits. Exclude explanations from any journal en Journal Entry Print Done Standard Costs and Usage Standards per Chair Direct materials 3 square yards of input at $5.30 per square yard Direct manufacturing labor 0.5 hour of input at $10.40 per hour