The Monroe 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 9,740; 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 97,400 lb., at a total cost of $472,390. Input price variances are isolated upon purchase. Input-efficiency variances are isolated at the time of usage. Read the requirements. Standards als Actual Data Direct materials: 10 lb. at $4.70 per lb. $ 47.00 Direct manufacturing labor: 0.5 hour at $29 per hour 14.50 Actual results in January 2020 were as follows: Direct materials: 95,500 lb. used Direct manufacturing labor: 4,700 hours $ 144,525 Print Dono Requirements Direct manufacturing labor Now compute the price and efficienc 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. va Comment on the January 2020 price and efficiency variances of Monroe Corporation. Direct materials Direct manufacturing labor 4. Why might Monroe calculate direct materials price variances and direct materials efficiency variances with reference to different points in time? Print Done X Done unfavorable (U).