Read the requirements The number of finished units budgeted for January 2017 was 9,960; 9,950 units were actually produced. Click the icon to view actual data) Direct materials (usage) Direct manufacturing labor 97,500 4,800 X $ * $ 4. 70 31.00 S = 458,250 148,800 $ Next determine the formula and calculate the costs for the flexible budget. X Budgeted input for actual output 99,500 4,975 Budgeted price 4.70 Direct materials Direct manufacturing labor Flexible budget cost $ 467,650 $ 154,225 31.00 Now compute the price and efficiency variances for direct materials and direct manufacturing labor. Label each variance as favorable (F) or unfavorable (U). Efficiency variances Price variances 9,960 U 470 F $ Direct materials Direct manufacturing labor S 5,425 F Choose from any list or enter any number in the input fields and then click Check Answer 5 parts Clear All O Type here to search E @ 39 w AROARA 0 00 Standards get. Direct materials: 10 lb. at $4.70 per Ib. Direct manufacturing labor: 0.5 hour at $31 per hour $ 47.00 15.50 nd direc Print Done then click Check Answer. Clear All ar isulated 950 units were actually produced. Read the requirements. 00 Actual Data get. Actual results in January 2017 were as follows: Direct materials: 97,500 lb. used Direct manufacturing labor: 4,800 hours $ 157,200 d direc Print Done i Requirements 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 Chemung Corporation. Why might Chemung calculate direct materials price variances and direct materials efficiency variances with reference to different points in time? 4. Print Done en click Check Answer. Clear All