Question Help The Yates Corporation manufactures lamps. It has set up the following standards per finished unit for direct Assume that there was no beginning inventory of other direct materials or finished . During the month materials and direct manufacturing labor materials purchased amounted to 99,500 ibat a total cost of $537.300 put price variances are l ed (Click the icon to view the standards) upon purchase Input efficiency variances are sold at the time of usage The number of finished units budgeted for January 2017 was .050: 9.900 units were actually produced Read the regirements Click the icon to view actual data) Requirement 1. Compute the January 2017 price and efficiency variances of direct materials and direct manufacturing labor Lers begin by calculating the actual input at the budgeted price (Hound your answers to the nearest whole dolar) Actual input Budgeted price Direct materials (purchases) Direct materials (usage) Direct manufacturing labor efficiency variances of direct materials and direct manufacturing labor. ed price. (R * Budgg i Standards Direct materials: 10 lb. at $5.30 per lb. Direct manufacturing labor: 0.5 hour at $32 per hour $ 53.00 16.00 Print Done UUE FITruid lumiy labor. Actual Data Actual results in January 2017 were as follows: Direct materials: 97,500 lb, used Direct manufacturing labor: 4,800 hours $ 160,800 Print Done i Requirements 1. 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 in time? Print Done nswer