The Chemung Corporation manufactures lamps. It has set up the following Assume that there was no beginning inventory of either direct standards per finished unit for direct materials and direct materials or finished units. During the month, materials purchased manufacturing labor: (Click the icon to view the standards.) amounted to 98,900lb., at a total cost of $514,280. Input price variances are isolated upon purchase. Input-efficiency variances are The number of finished units budgeted for January 2020 was 9,890;9,850 isolated at the time of usage. units were actually produced. Read the requirements. (Click the icon to view actual data.) 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 tual Data 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 Chemung Corporation. 4. Why might Chemung calculate direct materials price variances and direct materials efficiency variances with reference to different points in time