The managers at Vaughn Company were excited to learn that the purchasing department got a bulk shipment of a key raw material for $7,400, a $500 savings from their plan. Later that month, however, the production department had used nearly all the material that had been purchased, noting a $1,100 higher cost of material used than its flexible budget DM cost of $7,100. Record Vaughn's journal entry for the purchase of DM using standard qosting, and then record the company's journal entry for usage of DM using standard costing. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit DM Inventory 7900 DM Price Variance 600 DM Inventory 7300 (To record purchase of DM) WIP Inventory DM Efficiency Variance DM Inventory (To record usage of DM)