%E7-29 (similar to) Question Help The Seneca Corporation manufactures lamps. It has set up the following standards per finished unit for direct materials and direct manufacturing labor: PER (Click the icon to view the standards.) The number of finished units budgeted for January 2017 was 9,810: 9,650 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 purchased amounted to 98,100 lb., at a total cost of $470,880. Input price variances are isolated upon purchase. Input-efficiency variances are isolated at the time of usage. Read the requirements. Standards Requirement 1. Compute the January 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.) $ 47.00 Direct materials: 10 lb. at $4.70 per lb. Direct manufacturing labor: 0.5 hour at $30 per hour 15.00 Actual input 98,100 96,000 x Budgeted price x $ 4.70 Direct materials (purchases) Direct materials (usage) Cost = $461,070 $ 451,200 = $ 141,000 $ 4.70 Print Done Direct manufacturing labor 4,700 x S 30.00 Next determine the formula and calculate the costs for the flexible budget. i Actual Data 7 X = Flexible budget cost Direct materials Direct manufacturing labor Actual results in January 2017 were as follows: Direct materials: 96,000 lb. used Direct manufacturing labor: 4,700 hours $ 149,225 Choose from any list or enter any number in the input fields and then click Check Answer. ? Print Done 6 parts remaining Clear All