Information on Chicago Crafters direct materials costs follows:

Quantities of alloy purchased and used	77,300	pounds
Actual cost of alloy used	$ 3,793,000
Standard price per pound of alloy	$ 47.10
Standard quantity of alloy allowed	80,100	pounds

Chicago Crafters carries no materials inventories.

Required:

What were Chicago Crafters' direct materials price and efficiency variances?

(Appendix) Prepare the journal entries to record the purchase and use of alloy using standard costing.