Rankin Fabrication reports the following information with respect to its direct materials: Rankin Fabrication holds no materials inventories. Required: a. Compute the direct material price and efficiency variances. b. (Appendix) Prepare the journal entries to record the purchase and use of the direct materials using standard costing. Complete this question by entering your answers in the tabs below. Compute the direct material price and efficiency variances. Note: Indicate the effect of each variance by selecting "F" for favorabie, or "U" for unfavorable. If there is no effect, do not select elther option