Option 1 Dunn, Inc. is a privately held furniture manufacturer For August 2020, Duro had the following standards for one of to 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 jumal entries specified below Prepare the journal entry for the direct material price variance Record debts, then credits Exclude explanations to Journal Entry Date Accounts Debat Credit For August 2020, Durn had the folowing costs and variances for actual production of 2.400 chairs, 4.500 are yards of purchased and used Option Actual production Actual input Flexible Actual costs Budgeted price budgetcoste Direct materials $ 25 2005 24.750 $ 20,400 Direct mandaluring labor 2.630 9.450 12,600 Price Direct materiais Direct manufacturing labor Efficiency variances 1,650 F 3,150 F variances 450U 180 U s $ Now prepare the journal entry for direct materials officiency variance Journal Entry Date Accounts Debit Credit Print Done Standard Costs and Usage Next, prepare the journal entry for direct manufacturing labor price and efficiency variances Journal Entry Date Accounts Debit Credit Direct materials Direct manufacturing labor Standards per Chair 2 square yards of input $5.50 per square yard 0.5 hour of input $10.50 per hour Print Done Choose from any list or enter any number in the input fields and then continue to the next