\begin{tabular}{l|l} TheWayneCorporationmanufactureslamps.Ithassetupthefollowingstandardsperfinishedunitfordirectmaterialsanddirectmanufacturinglabor: & Assumethattherewasnobeginninginventoryofeitherdirectmaterialsorfinishedunits.Duringthemonth,materialspurchasedamountedto97,400lb.atatotal(Clicktheicontoviewthestandards.) \\ ThenumberoffinishedunitsbudgetedforJanuary$462,650.Inputpricevariancesare2020was9,740;9,650unitswereactuallyproduced.(Clicktheicontoviewactualdata.) & isolateduponpurchase.Input-efficiencyvariancesareisolatedatthetimeofusage. \\ Read the requirements. \end{tabular} 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.) Direct materials: 10lb. at $4.60 per lb. $46.00 Direct manufacturing labor: 0.5 hour at $30 per hour 15.00 Actual results in January 2020 were as follows: Direct materials: 95,500lb. used Direct manufacturing labor: 4,700 hours $148,050 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