The Chemung Corporation manufactures lamps. It has set up the following standards per finished unit for direct materials and direct manufacturing labour:

Standards

Direct materials: 10 kg. at $4.50 per kg.	$45.00
Direct manufacturing labour: 0.5 hour at $29 per hour	14.50

The number of finished units budgeted for January was

10,010;

9,900

units were actually produced.

Actual results in January were as follows:

Direct materials: 98,000 kg. used
Direct manufacturing labour: 4,800 hours	$146,400

Assume that there was no beginning inventory of either direct materials or finished units. During the month, materials purchased amounted to

100,100

kg, at a total cost of

$470,470.

Input price variances are isolated upon purchase. Input-efficiency variances are isolated at the time of usage.

Price Efficiency variances variances Direct materials $ 20,020 U $ 4,500 F Direct manufacturing labour $ 7,200 U $ 4,350 F 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.) Journal Entry Date Accounts Debit Credit