The Seneca 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 10,050; 9,900 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 100,500 lb., at a total cost of $532,650. Input price variances are isolated upon purchase. Input-efficiency variances are isolated at the time of usage. Read the requirements. 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.) 1. Compute the January 2020 price and efficiency variances of direct materials and direct manufacturing labor. Direct materials (purchases) Direct materials (usage) Direct manufacturing labor Actual input 100,500 Budgeted price Cost 5.20 $ 522,600 98,500 4,900 $ 5.20 $ 512,200 30.00 $ 147,000 Next determine the formula and calculate the costs for the flexible budget. Direct materials Direct manufacturing labor Standards Direct materials: 10 lb. at $5.20 per lb. Direct manufacturing labor: 0.5 hour at $30 per hour Print Done x = Flexible budget cost Actual Data 2. Prepare journal entries to record the variances in requirement 1. 3. Comment on the January 2020 price and efficiency variances of Seneca Corporation. 4. Why might Seneca calculate direct materials price variances and direct materials efficiency variances with reference to different points in time? Print Done $ 52.00 Actual results in January 2020 were as follows: 15.00 Direct materials: 98,500 lb. used Direct manufacturing labor: 4,900 hours $ 155,575 Print Done