Information on grand corporation’s direct materials costs follows. quantities of chemical y purchased and used 21,000 gallons actual cost of chemical y used $ 434,000 standard price per gallon of chemical y $ 24.30 standard quantity of chemical y allowed 19,400 gallons grand corporation has no materials inventories. required: a. what were grand corporation’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.) b. (appendix) prepare the journal entries to record the purchase and use of chemical y using standard costing. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)

Lipman auto parts, a family-owned auto parts store, began january with $10,300.00 in cash. management forecasts that collections from credit customers will be $11,400.00 in january and $14,800.00 in february. the store is scheduled to receive $5,000.00 in cash on a business note receivable in january. projected cash payments include inventory purchases ($13,000.00 in january and $13,600.00 in february) and operating expenses ($2,700.00 each month). lipman auto parts' bank requires a $10,000.00 minimum balance in the store's checking account. at the end of any month when the account balance dips below $10,000.00, the bank automatically extends credit to the store in multiples of $1,000.00. lipman auto parts borrows as little as possible and pays back loans in quarterly installments of $2,000.00, plus 4 percent interest on the entire unpaid principal. the first payment occurs three months after the loan.