4 of 5 (1 complete) Score: 0 of 20 pts E7-29 (similar to) Assume that materials pura upon purchas The Monroe 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 2017 was 9,750, 9,700 units were actually produced. (Click the icon to view actual data.) Read the regu Requirement 1. Compute the January 2017 price and efficiency variances of direct materials and direct manufacturing laba Let's begin by calculating the actual input at the budgeted price. (Round your answers to the nearest whole dollar.) Actual input Budgeted price Cost Direct materials (purchases) X Direct materials (usage) Direct manufacturing labor Que Enter any number in the edit fields and then click Check Answer Clear All 7 parts remaining Question Help Assume that there was no beginning inventory of either direct materials or finished units. During the month, materials purchased amounted to 97,500 lb., at a total cost of $448,500. Input price variances are isolated upon purchase. Input-efficiency variances are isolated at the time of usage. Read the requirements. * Actual Data - X - $ 45.00 16.00 Actual results in January 2017 were as follows: Direct materials: 95,500 lb, used Direct manufacturing labor: 4.700 hours $ 156,275 Print Done ? Clear All Check Answer Assume that th materials purch upon purchase s lamps. It has set up the following standards per finished unit for ng labor: ds.) for January 2017 was 9,750; 9,700 units were actually produced. :) i Standards Read the requi i v2 Direct materials: 10 lb. at $4.50 per lb. . $ 45.00 Ad Direct manufacturing labor: 0.5 hour at $32 per hour 16.00 Print Done and then click Check Answer. Clear All et up the following standards per finished unit for Assume that there was no beginning inventory of materials purchased amounted to 97,500 lb., at a upon purchase. Input-efficiency variances are isol Read the requirements. 17 was 9,750; 9,700 units were actually produced. efficien Requirements w -X ted prid 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 Monroe Corporation 4. Why might Monroe calculate direct materials price variances and direct materials efficiency variances with reference to different points in time? heck All Print Done Clear All