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 20,600 gallons $432,000 $ 23.90 19,000 gallons Grand Corporation has no materials inventories. Required: 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.) 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 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 Record entry Clear entry View general journal Record the purchase and use of chemical Y at standard cost. 1