Can someone explain WHY these entries are the way they are? Can you tell me what each label means?

28) The Sky Corporation manufactures lamps. It has set up the following standards per finished unit for direct materials and direct manufacturing labor: Direct materials: 10 lb. at $4.50 per lb. Direct manufacturing labor: 0.5 hour at $30 per hour $45.00 15.00 The number of finished units budgeted for January 2014 was 10,000; 9,850 units were actually produced. Actual results in January 2014 were as follows: Direct materials: 98,055 lb. used Direct manufacturing labor: 4,900 hours $154,350 Assume that there was no beginning inventory of either direct materials or finished units. During the month, materials purchased amounted to 100,000 lb., at a total cost of $465,000. Input price variances are isolated upon purchase. Input-efficiency variances are isolated at the time of usage. Required: (a) Compute the January 2014 price and efficiency variances of direct materials and direct manufacturing labor. (b) Prepare journal entries to record the variances in requirement (a). ( (b) Direct Materials Control Direct Materials Price Variance Accounts Payable or Cash Control 450,000 15,000 465,000 443,250 Work-in-Process Control Direct Materials Control Direct Materials Efficiency Variance 441,248 2,002 147,750 7,350 Work-in-Process Control Direct Manuf. Labor Price Variance Wages Payable Control Direct Manuf. Labor Efficiency Variance 154,350 750