Information on Bowgie Chemicals direct materials costs follows: Bowgie Chemicals has no materials inventories. Required: Prepare a short report for management showing Bowgie Chemicals's direct materials price and efficiency variances. (Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option.) Prepare the journal entries to record the purchase and use of the direct materials using standard costing. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)