Question 6 (15 marks) Wonderful Company manufactures USB flash drives. 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. $45 $15 Direct manufacturing labor: 0.5 hour at $30 per hour The number of finished units budgeted for January 2021 was 20,000; 19,700 units were actually produced. Actual results in January 2021 were as follows: Direct materials 196,110 lb. used Direct manufacturing labor: 9,800 hours $308,700 100% Assume that there was no beginning inventory of either direct materials or finished units. During January 2021, materials purchased amounted to 200,000 lb., at a total cost of $930,000. Input price variances are isolated upon purchase. Input-efficiency variances are isolated at the time of usage. Required: a. Compute the January 2021 price and efficiency variances of direct materials and direct manufacturing labor. (6 marks) b. Prepare journal entries to record the variances in requirement a. (5 marks) C. Comment on the January 2021 price and efficiency variances of direct materials and direct manufacturing labor of Wonderful Company. (4 marks) Show ALL workings