Information on Grand Corporation's direct materials costs follows. Quantities of chemical Y purchased and used Actual cost of chemical y used Standard price per gallon of chemical y Standard quantity of chemical y allowed 20,400 gallons $431,000 $ 23.70 18,800 gallons 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