Rankin Fabrication reports the following information with respect to its direct materials: Actual quantities of direct materials used Actual costs of direct materials used 35,600 gallons $ 202,480 $ 5.80 $ 214,000 Standard price per unit of direct materials Flexible budget for 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.