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 Grand Corporation has no materials inventories Required: 21,200 gallons $435,000 $ 24.50 19,600 gallons 2 C a. 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.) t Direct materials price variance Direct materials efficiency variances 39.200 a b. (Appendix) Prepare the journal entries to record the purchase and use of chemical Y using standard costing. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the purchase and use of chemical Y at standard cost.. Note: Enter debits before credits. Event General Journal Debit Credit 1 Work-in-process inventory 480,200 Accounts payable 435,000 Record entry Clear entry View general journal