Standards Actual Data Actual results in January 2020 were as follows: Direct materials: 96,000lb. used Direct manufacturing labor: 4,700 hours $156,275 Requirements 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 Wayne Corporation. 4. Why might Wayne calculate direct materials price variances and direct materials efficiency variances with reference to different points in time