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: 20,800 gallons $433,000 $24.10 10,200 gallons a. What were Grand Corporation's direct materials price and efficiency variances? (Indicate the effect of each variance by selecting Direct materials price variance Direct materials efficiency variance b. (Appendix) Prepare the journal entries to record the purchase and use of chemical Y using standard costing (If no entry is required View transaction list Journal entry worksheet < 1 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 Materials efficiency variance Materials price variance Accounts payable Record entry Clear entry View general journal