Information on Chicago Crafters direct materials costs follows: Quantities of alloy purchased and used Actual cost of alloy used Standard price per pound of alloy Standard quantity of alloy allowed Chicago Crafters carries no materials inventories. 77,600 pounds $ 3,823,000 $ 47.40 Required: a. What were Chicago Crafters' direct materials price and efficiency variances? b. (Appendix) Prepare the journal entries to record the purchase and use of alloy using standard costing. www 80,400 pounds Complete this question by entering your answers in the tabs below. 144,760 U Required A Required B What were Chicago Crafters' direct materials 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 n select either option. Direct materials price variance 4

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Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance. 

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.