Elise Company has the following materials-related data.

-Standard usage for output: 2,000 pounds

-Standard price: $2.00 per pound

-Actual price: $2.20 per pound

-Actual usage: 1,800 pounds

Given these data, which of the following would be included in the journal entry needed to record the materials placed into production (into Work In Process) and the resulting variances?

Group of answer choices

Credit Materials Price Variance for $400

Debit Materials Price Variance for $400

Credit Materials Quantity Variance for $400

Debit Materials Quantity Variance for $400