E7-29 (similar to) Question Help The Yates 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 9,740; 9,700 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 97,400 b., at a total cost of $540,570. Input price variances are isolated upon purchase. Input-efficiency variances are isolated at the time of usage. Read the requirements 0 Actual Data 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.) Actual input X Budgeted price = Cost Actual results in January 2017 were as follows: Direct materials: 95,500 lb. used Direct materials (purchases) Direct materials (usage) Direct manufacturing labor Direct manufacturing labor: 4.800 hours $ 145,200 Print Done Requirements Standards - 1. $ 54.00 2. 3. Compute the January 2017 price and efficiency variances of direct materials and direct manufacturing labor. Prepare journal entries to record the variances in requirement 1. Comment on the January 2017 price and efficiency variances of Yates Corporation Why might Yates calculate direct materials price variances and direct materials efficiency variances with reference to different points time? Direct materials: 10 lb. at $5.40 per lb. Direct manufacturing labor: 0.5 hour at $29 per hour 14.50 Enter any number in the edit fields and then click CH 4. 7 parts 7 remaining Print Done irement 1. d debits first, then credits. Exclude explanations from any journal entries.) Accounts Payable or Cash Control Direct Manufacturing Labor Efficiency Variance Direct Manufacturing Labor Price Variance Direct Materials Control Direct Materials Efficiency Variance Direct Materials Price Variance Wages Payable Control Work-in-Process Control Debit Credit any list or enter any number in the input fields and then click Check