Above are the correct answers. Please show calculations for each numeric answer/how to get the number. I will be solving a similar problem. Thank you :)

0 Standards $ 54.00 Direct materials: 10 lb. at $5.40 per lb. Direct manufacturing labor: 0.5 hour at $29 per hour 14.50 Print Done X Actual Data Actual results in January 2020 were as follows: Direct materials: 99,000 lb. used Direct manufacturing labor: 4,800 hours $ 146,400 Print Done A Requirements 1. Compute the January 2020 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 2020 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? Print Done The Wayne Corporation manufactures lamps. It has set up the following standards per finished unit for direct materials and direct manufacturing labor: E: (Click the icon to view the standards.) The number of finished units budgeted for January 2020 was 10,110; 9,950 units were actually produced. E: (Click the icon to view actual data.) Assume that there was no beginning inventory of either direct materials or finished units. During month, materials purchased amounted to 101,100 lb., at a total cost of $556,050. Input price variances are isolated upon purchase. Input-efficiency variances are isolated at the time of usage. Read the requirements. Requirement 1. Compute the January 2020 price and efficiency 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.) Budgeted price 5.40 Direct materials (purchases) Direct materials (usage) Direct manufacturing labor Actual input 101,100 99,000 4,800 Cost $ 545,940 534,600 5.40 29.00 $ 139,200 Next determine the formula and calculate the costs for the flexible budget. Budgeted input for actual output Direct materials 99,500 Direct manufacturing labor 4,975 Budgeted price 5.40 Flexible budget cost $ 537,300 29.00 144,275 Now compute the price and efficiency variances for direct materials and direct manufacturing labor. Label each variance as favorable (F) or unfavorable (U). Price Efficiency variances 2,700 F 5,075 F Direct materials variances $ 10,110 u $ $ 7,200' U'$ Direct manufacturing labor Requirement 2. Prepare journal entries to record the variances in requirement 1. Prepare the journal entry for the direct materials price variance. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Debit Credit Accounts Direct Materials Control Direct Materials Price Variance 545,940 10,110 Accounts Payable or Cash Control 556,050 Next prepare the journal entry for direct materials efficiency variance. Date Credit Journal Entry Accounts Work-in-Process Control Direct Materials Efficiency Variance Direct Materials Control Debit 537,300 2,700 534,600 Now prepare the journal entry for direct manufacturing labor price and efficiency variances. Now prepare the journal entry for direct manufacturing labor price and efficiency variances. Journal Entry Date Accounts Debit Credit Work-in-Process Control 144,275 7,200 Direct Manufacturing Labor Price Variance Direct Manufacturing Labor Efficiency Variance Wages Payable Control 5,075 146,400 Requirement 3. Comment on the January 2020 price and efficiency variances of Wayne Corporation. fashion. Practically, from A key point is that all of these efficiency variances are likely to be insignificant. They are so small as to be nearly meaningless . Fluctuations about standards are bound to occur in a random a control viewpoint, a standard is a band or range of acceptable performance rather than a single-figure measure. Requirement 4. Why might Wayne calculate direct materials price variances and direct materials efficiency variances with reference to different points in time? is found most often. The production point is where responsibility for efficiency variances is found most often. Wayne Corporation may calculate variances at different points in The purchasing point is where responsibility for price variances time to tie in with the different responsibility areas