Rankin Fabrication reports the following information with respect to its direct materials: Actual quantities of direct materials used 33,700 gallons Actual costs of direct materials used $ 187,280 Standard price per unit of direct materials $ 5.61 Flexible budget for direct materials $ 196,900 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. Required A Required B Compute the direct material price and efficiency variances. Note: 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 Required A Required 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. Required A Required B (Appendix) Prepare the journal entries to record the purchase and use of the direct materials using standard costing. Note: 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 the direct materials using standard costing. Note: Enter debits before credits. Event General Journal Debit Credit Record entry Clear entry View general journal