The managers at Waterway Company were excited to learn that the purchasing department got a bulk shipment of a key raw material for $7,300, a $600 savings from their plan. Later that month, however, the production department had used nearly all the material that had been purchased, noting a $1,300 higher cost of material used than its flexible budget DM cost of $6,200. Record Waterway's journal entry for the purchase of DM using standard costing, 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 Raw Material Inventory Direct Materials Price Variance Accounts Payable (To record purchase of DM) Work In Process Direct Materials Usage Variance Raw Materials Inventory Debit 7900 6200 1300 Credit 600 7300 7500