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The Madison Corporation manulactures lamps. In has set up the following standards per finshed unit for direct materias and direct manulacturng labour. (Click the icon to view the standards) The number of finished units budgeted for Jansary was 9,580,9.550 units wece actualy produced (Click the icon to vew actual data) Aswime that there was ne beginning inveniocy of either diect maserials of frished unis. During the month, malenas purchased amourted to 96 , b00 ka at a botai cost of $513,760 inpul price vanances are isolated upon purchase. ingut efficiency vanaces are isolated it the time of usage. Repueced Standards Direct materials: 10kg. at $5.10 per kg. Direct manufacturing labour: 0.5 hour at $31 per hour $51.00 15.50 Required 1. Compute the January price and efficiency variances of direct materials and direct manufacturing labour. 2. Prepare journal entries to record the variances in requirement 1. 3. Comment on the January price and efficiency variances of Madison Corporation. 4. Why might Madison calculate direct materials price variances and direct materials efficiency variances with reference to different points in time? Requirement 1. Compute the January price and efficiency variances of direct materials and direct manufacturing labour. Let's begin by calculating the actual input at the budgeted price. (Round your answers to the nearest whole dollar.) Next, determine the formula and calculate the costs for the flexible budget. 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.) Next, prepare the journal entry for direct materials efficiency variance. Requirement 3. Comment on the January price and eficency vanances of Madison Corporation Akey point is that Whely to be They are so Flucturions about standards are bound to occur in a fashion. Prectically, from a centrol vewpoint, a standars is a band or range of acceptable performance rather than a shgle-foure measure Pequirement 4. Why might Madison colculate direct materials price variances and drect materiais effeiency variances with reference to dikerent points in lime? The purchasing point is where responsialy for is found most oflen. The production point is where responsiblly for is found most onen. Masison Copporaton may calculate variances at offorens points in time to to in with