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 21.200 gallons $435.000 $ 24.50 19,600 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 joumal 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 View journal entry worksheet No Event Credit General Journal Work-in-process inventory Materials efficiency variance Materials price variance Accounts payable Debit 480 200 39.200 435,000