Exercise 16-37 (Appendix used in requirement [b]) Variable Cost Variances (LO 16-5,7) Information on dowgie Chemical direct materials cost folows Actualites of dret med 30.100 Most of Greated 5132.200 Standard price per unit of direct materiais $ 421 Pobo de materiale $110.000 Bowgie Chemicals has no materials wentries Required: Prepare a short report for management showing Bowie Chemical direct material price and eficiency variance Indicate the effect of each variance by selecting for favorable, or "Ufor unfavorable there is no effect, do not select the option) Direct materias prie variance Direct mail efficiency varande b. (Appendix) Prepare the journal entries to record the purchase and use of the direct materials using standard costing. (If no entry is require first account field.) View transaction list Journal entry worksheet 1 Record the purchase and use of the direct materials at standard cost. Note: Enter debits before credits. Event General Journal Debit Credit 1 Record entry Clear entry View general journal