Dunn, Inc. is a privately held furniture manufacturer. For August 2020, Dunn 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.) Required: Prepare the journal entries specified below. Prepare the journal entry for the direct materials price variance. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Accounts Debit Credit 24750 1. (a) Direct Materials Control Direct Manufacturing Labor Price Variance 450 Accounts Payable Control 25200 Now prepare the journal entry for direct materials efficiency variance. Debit Credit Date 26400 1. (b) Journal Entry Accounts Work-in-Process Control Direct Materials Efficiency Variance Direct Materials Control 1650 24750 Next, prepare the journal entry for direct manufacturing labor price and efficiency variances Credit Date Journal Entry Accounts Work-in-Process Control Debit 12600 1. (c) Choose from any list or enter any number in the input fields and then continue to the next question i Standard Costs and Usage -) Direct materials Standards per Chair 2 square yards of input at $5.50 per square yard 0.5 hour of input at $10.50 per hour Direct manufacturing labor X Option 1 For August 2020, Dunn had the following costs and variances for actual production of 2,400 chairs, 4,500 square yards of input purchased and used: X Option 1: Actual production Actual input Flexible Actual costs Budgeted price budget costs Direct materials $ 25,200 $ 24,750 $ 26,400 Direct manufacturing labor 9,630 9,450 12,600 Price Efficiency variances variances Direct materials 450 U 1,650 F Direct manufacturing labor 180 U 3,150 F Print Done