In early 2019, JAX Inc. had budgeted for the production and sales. The following information is available regarding the standard cost for each unit: Direct materials: 2 pounds at $3.00 per lb. Actual results for 2019 were determined to be as follows: Number of units produced and sold: 6,800 units Sales revenue: Direct materials cost: $149,600 ($22 per unit) |$43,384 (14,960 lbs. purchased and used at $2.90 per lb.) JAX Inc.'s direct materials price variance for 2019 is 1,496 F. [1496 F = 14960* (2.90 - 3)] The Journal Entry based on direct materials price variance would be: Select one: O a. Raw Material Inventory 14960*3 Accounts Payable 14960*3 O b. Raw Material Inventory 14,960*2.90 Direct Material Price Variance 1496 Accounts Payable 14960*3 c. Raw Material Inventory 14,960*3 Direct Material Price Variance 1496 Accounts Payable 14960*2.90 Accounts Payable 14960*3 Raw Material Inventory 14960*3 In early 2019, JAX Inc. had budgeted for the production and sales. The following information is available regarding the standard cost for each unit: Direct materials: 2 pounds at $3.00 per lb. Actual results for 2019 were determined to be as follows: Number of units produced and sold: 6,800 units Sales revenue: Direct materials cost: $149,600 ($22 per unit) $43,384 (14,960 lbs. purchased and used at $2.90 per lb.) JAX Inc.'s direct materials usage variance for 2019 is 4,080 U. [4080 U = 3* (14960 -6800*2)) = 3*(14960 - 13600) = 3*1360) The Journal Entry based on direct materials usage variance would be: Select one: a. Work in Process 6,800*2*3 Direct Material Usage Variance 4,080 Raw Material Inventory b. Work in Process 14,960*3 Raw Material Inventory 14,960*3 14,960*3 C. Work in Process 6,800*2*3 Raw Material Inventory 6,800*2*3 O d. Work in Process 14,960*3 Direct Material Usage Variance 4,080 Raw Material Inventory 6,800*2*3