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ABC Corporation manufactures lamps. It has set up the following standards per finished unit for direct materials and direct manufacturing labor: Direct materials: 2 lb. at $7.50 per lb. $15.00 Direct manufacturing labor: 0.3 hour at $90 per hour $27.00 The number of finished units budgeted for January 2017 was 20,000; 15000 units were actually produced. Actual results in January 2017 were as follows: Direct materials used: 2.2 lb. x 15,000 - 33,000 lbs @ $7.00 / lb. Direct manufacturing labor: 0.32 hrs x 15,000 = 4,800 hrs @ $9.5/hr Assume that there was no beginning inventory of either direct materials or finished units. The following data are for January 2017: Budgeted Actual Number of Lamp sold 20,000 units 15,000 Selling price / unit $80 $85 Variable cost per unit Direct material (2 lbs x $7.50 - $15) (2.2 lbs x $7 - $15.40) Direct labor (0.3 hrs x $90 - $27) (0.32 hrs x $95 - $30.40) Fixed cost $240,000 $240,000 During the month, materials purchased amounted to 40,000 lb. @ $7.00, at a total cost of $280,000. Input price variances are isolated upon purchase. Input-efficiency variances are isolated at the time of usage. 1. Compute the Static-Budget variance, Flexible-Budget variance, and Sales-volume variance for January 2018 in the table below: Flexible- Sales Budget Volume Static Actual Variances Flexible Variances Static Budget Results (2)=(1) - Budget (4)-(3) - Budget Variance (1) (3) (5) (5) Units sold Revenue Variable costs DM DL Total variable costs Contribution margin Fixed costs Operating income + 5