E7-29 (book/static) Question Help The Schuyler Corporation manufactures lamps. It has set up the following standards per finished unit for direct materials and direct manufacturing labor E(Click the icon to view the standards.) Assume that there no beginning inventory of either direct materials or finished units. During the month, materials purchased amounted to 100.000 l. at a total cost of $465.000, 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 2017 was 10,000; 9,850 units were actually produced. Read the requirements EEB (Click the icon to view actual data.) Requirement 1. Compute the January 2017 price and efficiency variances of direct materials and direct manufacturina labor X the nearest whole dol Let's begin by calculating the actual input at the budgeted price. (Round your answers iRequirements Budgeted price Actual input Cost = Direct materials (purchases) Compute the January 2017 price and eficiency variances of direct materials and direct manufacturing labor 1 Direct materials (usage) 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 Schuyler Corporation 4. Why might Schuyler calculate direct materials price variances and direct materials efficiency variances with reference to different points in time? Enter any number in the edit fields and then click Check Answer. parts Print Done Clear A ning Assume that there was no beginning inventory of either direct materials or finished units The Schuyler Corporation manufactures lamps. It has set up the following standards per finished unit for direct materials and direct manufacturing labor EEB(Click the icon to view the standards.) monin, malelals purchased amounted to 100,000 Ib., at a total cost olated upon purchase. lnput-efficiency variances are isolated at the Input pr time of usage. The number produced f finished units budgeted for January 2017 was 10,000; 9,850 units were actually Read the requirements (Click X X Actual Data Standards Requirem ct materials and direct manufact wers to the nearest whole dollar Let's begin Actual results in January 2017 were as follows: Direct materials: 10 lb. at $4.50 per Ib 45,00 Cost Direct materials: 98,055 lb. used 15.00 Direct manufacturing labor: 0.5 hour at $30 per hour Direct ma $ Direct manufacturing labor: 4,900 hours 154,350 Direct ma Print Done Direct mai Print Done Enter any number in the edit fields and then click Check Answer parts Check Answe Clear All nina