Please solve for PRICE VARIANCES and EFFICIENCY VARIANCES. Please also show calculations for each numeric answer/ how to get the number. Thank you!

The Sullivan 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 9,850; 9,800 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 98,500 lb., at a total cost of $502,350. 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.) Standards X Cost Actual input 98,500 Budgeted price $ 5.00 = $ 492,500 Direct materials: 10 lb. at $5.00 per Ib. $ 50.00 Direct materials (purchases) Direct materials (usage) Direct manufacturing labor x $ 5.00 = $ 482,500 96,500 4,800 Direct manufacturing labor: 0.5 hour at $32 per hour 16.00 $ 32.00 $ 153,600 Next determine the formula and calculate the costs for the flexible budget. Print Done Budgeted price Budgeted input for actual output 98,000 4,900 = Flexible budget cost = $ 490,000 $ Direct materials Direct manufacturing labor 5.00 $ 32.00 $ 156,800 Now compute the price and efficiency variances for direct materials and direct manufacturing labor. Label each variance as favorable Actual Data Price Efficiency variances variances Direct materials 9,850 Actual results in January 2020 were as follows: Direct manufacturing labor Direct materials: 96,500 lb. used Direct manufacturing labor: 4,800 hours $ 162,000 Choose from any list or enter any number in the input fields and then click Check Answer. parts remaining Clear All Print Done Check