\begin{tabular}{|lr|} \hline Direct materials: 10 lb. at $4.60 per Ib. & $46.00 \\ Direct manufacturing labor: 0.5 hour at $30 per hour & 15.00 \\ \hline \end{tabular} Actual results in January 2020 were as follows: Direct materials: 96,000lb. used Direct manufacturing labor: 4,800 hours $151,200 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 Schuyler Corporation. 4. Why might Schuyler calculate direct materials price variances and direct materials efficiency variances with reference to different points in time? The Schuyler Corporation manufactures lamps. It has set up the following standards per finished unit for direct materials and direct manufacturing labor: (Click the icon to view the standards.) The number of finished units budgeted for January 2020 was 9,790;9,700 units were actually produced. (Click the icon to view actual data.) Assume that there was no beginning inventory of either direct materials or finished units. During the month, materials purchased amounted to 97,900lb., at a total cost of $465,025. 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.) 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.) Requirement 3. Comment on the January 2020 price and efficiency variances of Schuyler Corporation. A key point is that likely to be They are so Fluctuations about standards are bound to occur in a fashion. Practica Requirement 4. Why might Schuyler calculate direct materials price variances and direct materials efficiency variances with reference to different points in time? The purchasing point is where responsibility for points in time to tie in with is found most often. The production point is where responsibility for is found most often. The production point is where responsibility for is found most often. Schuyler Corporation may calculate variances at differe