Chemung Electric Inc. manufactures lamps. (Click the icon to view the standards.) The number of finished units budgeted for January 2018 was 9,700; 9,600 units were actually produced. (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 purchases amounted to 97,000 kg, at a total cost of $528,650. Input rate variances are isolated upon purchase. Input-efficiency variances are isolated at the time of usage. Let's begin by calculating the actual input at the budgeted rate. (Round your answers to the nearest whole dollar.) Direct materials (purchases) Actual input Budgeted rate x Direct materials (usage) Direct manufacturing labour Next determine the formula and calculate the costs for the flexible budget. Direct materials Direct manufacturing labour x x x Cost Required 1.Compu Flexible budget cost Now compute the rate and efficiency variances for direct materials and direct manufacturing labour. Label each variance as favourable (F Direct materials Direct manufacturing labour Rate Efficiency variances variances i More Info - X It has set up the following standards per finished unit for direct materials and direct manufacturing labour: Direct materials: 10 kg at $5.30 per kg Direct manufacturing labour: 0.5 hour at $30 per hour $ 53.00 15.00 More Info Print Done r unfavourable Actual results in January 2018 were: Direct materials: 95,000 kg used Direct manufacturing labour: 4,700 hours $ 149,225 Print Done