16 KQuestion 4 (of 6) 4. value 0.33 points Exercise 16-37 (Appendix used in requirement [bD Variable Cost Variances (LO 16-5,7) Information on Bowgie Chemicals direct materials costs follows Actual quantities of direct materials used Actual costs of direct materials used Standard price per unit of direct materials Flexible budget for direct materials 30,000 $131,400 S 4.20 $119.700 Bowgie Chemicals has no materials inventories. Required: a. Prepare a short report for management showing Bowgle Chemicals's direct matenals price and eficiency variances. (Ind for unfavorable. If there is no effect, do not select either option.) Direct materials price variance Direct materials efficiency variance6.3 5,400 6.300U