Consider the following scenario for inventory item A: 1) Standard Cost $10 Purchase Order Line Price: $12, Purchase Order Line Quantity: 10 2)…

A: Which option correctly describes the effect on different accounts? B: Debit Material Account $80; Credit Inventory AP Accrual Account $96; Debit Invoice Price Variance Account $16; No effect on Purchase Price Variance Account C: Debit Material Account $80; Credit Inventory AP Accrual Account $96; No effect on Invoice Price Variance Account; Debit Purchase Price Variance Account $16 D: Debit Material Account $80; Credit Inventory AP Accrual Account $80; No effect on Invoice Price Variance Account; Debit Purchase Price Variance Account $16 E: Credit Material Account $80; Debit Inventory AP Accrual Account $96; No effect on Invoice Price Variance Account; Credit Purchase Price Variance Account $16 F: Debit Material Account $96; Credit Inventory AP Accrual Account $96; No effect on Invoice Price Variance Account; Credit Purchase Price Variance Account $16