Information on Grand Corporation's direct materials costs follows. Quantities of chemical y purchased and used Actul cost of chemical Y used Standard price per gallon of chemical Y Standard quantity of chemical Y allowed 19,900 gallons $428,500 $ 23.20 18,300 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 costing. Complete this question by entering your answers in the tabs below. Required A Required B 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.) Direct materials price variance Direct materials efficiency variance Help Required A Required B (Appendix) Prepare the journal entries to record the purchase and use of chemical Y using standard costing. (If no entry is requir 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 using standard costing. Note: Enter debits before credits Event General Journal Debit Credit 1 Record entry Clear entry View general Journal