I've done DRA's for my kids (I'm a K-4 teacher) but have also found just doing a running record is as accurate for reading level.
What I've done is take the reading level listing (Scholastic is fine but I would recommend Matching Books to Readers, K-3
) and do a 100 word read aloud as a gauge. So if my kids can read it through 95-100%, it's an independent reading book. If they can get through 90-95% without error, we read together b/c it's their instructional level. Any errors over 89% it's their frustration level and we put it aside.
Comprehension is a bit trickier, but comes with time and discussion about what they're reading.