The Neophyte Corporation manufactures Snowboards. It has set up the following standards per finished unit for direct materials and direct manufacturing labor:

Direct materials: 10 lb. at $5.5 per lb. $55.00

Direct manufacturing labor: 0.75 hour at $60 per hour 45.00

The number of finished units budgeted for January 2020 was 16,000; 15,250 units were actually produced.

Actual results in January 2020 were as follows:

Direct materials: 147,925 lb. used

Direct manufacturing labor: 10,370 hours $611,830

Assume that there was no beginning inventory of either direct materials or finished units. During the month, materials purchased amounted to 150,000 lb., at a total cost of $750,000. Input price variances are isolated upon purchase. Input-efficiency variances are isolated at the time of usage.

Instruction:

Compute the January 2020 price and efficiency variances of direct materials & direct labor. (10)