The Wayne Wayne Corporation manufactures lamps. It has set up the following standards per finished unit for direct materials and direct manufacturing labor: LOADING... (Click the icon to view the standards.) The number of finished units budgeted for January 2017 2017 was 9 comma 750 9,750; 9 comma 650 9,650 units were actually produced. LOADING... (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 97 comma 500 97,500 lb., at a total cost of $ 511 comma 875 $511,875. Input price variances are isolated upon purchase. Input-efficiency variances are isolated at the time of usage. Read the requirements LOADING... . Requirement 1. Compute the January 2017 2017 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) 97,500 x $ 5.10 = $ 497,250 Direct materials (usage) 95,500 x $ 5.10 = $ 487,050 Direct manufacturing labor 4,700 x $ 32.00 = $ 150,400 Next determine the formula and calculate the costs for the flexible budget. Budgeted price x Budgeted input for actual output = Flexible budget cost Direct materials 5.10 x 9650 = 49215 Direct manufacturing labor 32 x =