The Sullivan Corporation manufactures lamps. It has set up the following standards per finished unit for direct materials Assume that there was no beginning inventory of either direct materials or finished units. During the month. and direct manufacturing labor: materials purchased amounted to $,400 b., at a total cost of $501,970. Input price variances are isolated upon (Click the ioon to view the standards.) purchase. Input-efficiency variances are isolated at the time of usage. The number of finished units budgeted for January 2017 was 9,940;9,800 units were actually produced. (Click the icon to view actual data.) Standards Requirement 1. Compute the January 2017 price and erliciency variances of cirect materials and cirect manufacturing labor. Let's begin by calculating the actual input at the budgeted price. (Round your answers to the nearest whole dollar.) Actual Data Requirements 1. Compute the January 2017 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 2017 price and efficiency variances of Sullivan Corporation. 4. Why might Sullivan calculate direct materials price variances and direct materials efficiency variances with reference to different points in time