1.	Compute the January 2017 price and efficiency variances of direct materials and direct manufacturing labor.
2.	Prepare journal entries to record the variances in requirement 1.
3.	Comment on the January 2017 price and efficiency variances of Wayne Corporation.
4.	Why might Wayne calculate direct materials price variances and direct materials efficiency variances with reference to different points in time?

The Wayne Corporation manufactures lamps. It has set up the following Assume that there was no beginning inventory of either direct materials standards per finished unit for direct materials and direct manufacturing or finished units. During the month, materials purchased amounted to labor EEB (Click the icon to view the standards.) The number of finished units budgeted for January 2017 was 9,730 9,650 units were actually produced. 97,300 lb, at a total cost of $510,825. Input price variances are isolated upon purchase. Input-efficiency variances are isolated at the time of usage Read the requirements. (Click the icon to view actual data.) Requirement 1. Compute the January 2017 price and efmiciency variances of direct materials and direct manufacturing labor Let's begin by calculating the actual input at the budgeted price Round your answers to the nearest whole dollar) Actual input Budgeted price Direct materials (purchases) Direct materials (usage) Direct manufacturing labor Standards Actual Data Actual results in January 2017 were as follows Direct materials 10 ib at $5. 10 per Ib. Direct manufacturing labor: 0.5 hour at $29 per hour 51.00 14.50 Direct materials: 95,500 Ib used Direct manufacturing labor 4,800 hours145,200