The Wayne Corporation manufactures lamps. It has set up the following standards per Assume that there was no beginning inventory of either direct materials or finished finished unit for direct materials and direct manufacturing labor: units. During the month, materials purchased amounted to 97, 100 lb., at a total cost (Click the icon to view the standards.) of $495,210. Input price variances are isolated upon purchase. Input-efficiency variances are isolated at the time of usage. The number of finished units budgeted for January 2020 was 9,710; 9,650 units were actually produced Read the requirements. (Click the icon to view actual data.) 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.) Actual input X Budgeted price Cost Direct materials (purchases) Standards Direct materials (usage) = Direct manufacturing labor Direct materials: 10 lb. at $5.00 per lb. $ 50.00 Direct manufacturing labor: 0.5 hour at $30 per hour 15.00 X Requirements Compute the January 2020 price and efficiency variances of direct materials Print Done 1. and direct manufacturing labor. 2. Prepare journal entries to record the variances in requirement 1. 3. Comment on the January 2020 price and efficiency variances of Wayne Corporation. 4. Why might Wayne calculate direct materials price variances and direct - X materials efficiency variances with reference to different points in time? Actual Data Actual results in January 2020 were as follows: Print Done Direct materials: 95,000 lb. used Direct manufacturing labor: 4,700 hours $ 148,050