The Livingston 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 9,850; 9,700 units were actually produced. (Click the icon to view actual data.) Assume that there was no beginning inventory of either direct materials or finished units. During the month, materials purchased amounted to 98,500 lb., at a total cost of $467,875. Input price variances are isolated upon purchase. Input-efficiency variances are isolated at the time of usage. Read the requirements. 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 Direct materials (purchases) Direct materials (usage) Direct manufacturing labor Actual input Budgeted price = Cost Requirements Direct materials: 10 lb. at $4.60 per lb. $ 46.00 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. Direct manufacturing labor: 0.5 hour at $31 per hour 15.50 3. Comment on the January 2020 price and efficiency variances of Livingston Corporation. Actual Data Actual results in January 2020 were as follows: Direct materials: 96,500 lb. used Direct manufacturing labor: 4,700 hours $ 151,575 Print Done 4. Why might Livingston calculate direct materials price variances and direct materials efficiency variances with reference to different points in time? Print Done