It was the end of the third quarter for Metlock Industries. There had been some discussion in prior quarters about best practices related to carrying ending inventory of its key DM, acetic acid, for making vinegar. Per established standards, 6.1 ounces of acetic acid at a budgeted price of $0.30 per ounce were needed for each gallon of vinegar (128 ounces). The new production manager wants to follow lean practices and buy only what is needed for production, while the former production manager preferred to keep some inventory on hand for emergencies. For the third quarter, 283,500 ounces of acetic acid were purchased on account and used to make 45,000 gallons of vinegar. The purchase price was $79,380. Determine the DM price and efficiency variances for the third quarter based on the information above. DM price variance $ DM efficiency variance $ Record the journal entries for the purchase and use of DM under standard costing. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.)