Wilson Productions manufactured and sold 1,000 products at $11,000 each during the past year. At the beginning of the year, production had been set at 1,200 products, and direct materials standards had been set at 100 pounds of direct materials at $2 per pound for each product produced. During the year, the company purchased and used 98,000 pounds of direct materials with a cost of $2.04 per pound. Calculate the companys direct materials price and quantity variances for the year in JOURNAL ENTRY FORM.