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

$34,100$ gallons

$$190,480$

$$5\mathrm{.}65$

$$200,500$

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

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,$],[$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. Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Journal entry worksheet

A

Record the purchase and use of the direct materials using standard costing.

Note: Enter debits before credits.

$\backslash$table$[[$Event$,$General Journal,Debit,Credit$],[1,,,],[,,,],[,,,],[,,,],[,,,]]$