Information on Grand Corporation's direct materials costs follows. Grand Corporation has no materials inventories. Required: a. What were Grand Corporation's direct materials price and efficiency variances? b. (Appendix) Prepare the journal entries to record the purchase and use of chemical Y using standard costing. Complete this question by entering your answers in the tabs below. What were Grand Corporation'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.) Journal entry worksheet Record the purchase and use of chemical Y using standard costing. Note: Enter debits before credits