= Homework: Chapter 7 - Homework Question 3, E7-29 (similar to HW Score: 2.6%, 01 of 4 peits Save Purulia O Pent1 The Wayne Corporation manufactures langs has set up the following de perfekt for directors Assume there was nie beginntory of the remainis na Dungeon and direct wanaturing labor material to 3.000 of Soutro var red (Click to o to view the standarts) Durchase puteranoes are word at the time of The number of tradits buited for January 2020 was 8,920.9.260 units were actuely produced Raad neemt is the in to view sch Requirement i Com the Jaar 2020 and they wies of direct and direct manufacturing Lars begin by the actual input w the budget and your answers to the nearest wodoor) - Direct main bonchas Direct materie) Direct mantelung aber 1 Standards Direct materials: 10 lb. at $5.30 per lb. $ 53.00 Direct manufacturing labor: 0.5 hour at $30 per hour 15.00 C Print Done Actual data Actual results in January 2020 were as follows: Direct materials: 98,000 lb. used Direct manufacturing labor: 4,700 hours $ 149,225 Print Done Requirements 1. 2. 3. Compute the January 2020 price and efficiency variances of direct materials and direct manufacturing labor. Prepare journal entries to record the variances in requirement 1. Comment on the January 2020 price and efficiency variances of Wayne Corporation Why might Wayne calculate direct materials price variances and direct materials efficiency variances with reference to different points in time? 4