Information on Grand Corporations direct materials costs follows:

Quantities of chemical Y purchased and used		20,300	gallons
Actual cost of chemical Y used	$	430,500
Standard price per gallon of chemical Y	$	23.60
Standard quantity of chemical Y allowed		18,700	gallons

Grand Corporation has no materials inventories.

Required:

a. What were Grand Corporations 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.)

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.)

Direct materials price variance Direct materials efficiency variance Journal entry worksheet Record the purchase and use of chemical Y at standard cost. Note: Enter debits before credits. General Journal Debit Credit Event 1 Record entry Clear entry View general journal