Information on Bowgie Chemicals direct materials costs follows. Actual quantities of direct materials used Actual costs of direct materials used Standard price per unit of direct materials Plexible budget for direct materials 30,000 $131,400 $ 4.20 $119,700 Bowgie Chemicals has no materials inventories. Required: a. Prepare a short report for management showing Bowgie Chemicals's direct materials 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 Prepare a short report for management showing Bowgie Chemicals's direct materials price and efficiency variances. (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 Journal entry worksheet