Save The Madison 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 9,730, 9,600 units were actually produced Click the icon to view actual data) Assume that there was no beginning inventory of either direct materiais or finished units. During the month, materials purchased amounted to 97300 bat a total cost of S467.040, Input price variances are isolated upon purchase. Input-efficiency variances are isolated at the time of usage Read the requirements Standards Requirement 1. Compute the Januar Let's begin by calculating the actual Direct materials: 10 ib. at $4.60 per lb. Direct manufacturing labor: 0.5 hour at $31 per hour $ 4600 1550 Direct materials (purchases) Direct materials (usage) Direct manufacturing labor Print Done budgeted for January 2020 was 9,730; 9,600 units u purchase. Input-efficiency variances are Read the requirements. tual data.) Actual data - X e January 2020 actual input at Actual results in January 2020 were as follows: Actual Direct materials: 95,500 lb. used Direct manufacturing labor: 4,700 hours $ 151,575 Print Done 1 Requirements Ja act 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 Madison Corporation 4. Why might Madison calculate direct materials price variances and direct materials efficiency variances with reference to different points in time? Print Done