Rankin Fabrication reports the following information with respect to its direct materials:

Actual quantities of direct materials used

Actual costs of direct materials used

Standard price per unit of direct materials

Flexible budget for direct materials

$35,300$ gallons

$$200,080$

$$5\mathrm{.}77$

$$211,300$

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.

Answer is complete but not entirely correct.

Complete this question by entering your answers in the tabs below.

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.

$\backslash$table$[[$Direct materials price variance,$$,7,619,$F$,0],[$Direct materials efficiency variance,$$,3,601,F,F$