Save Homework: chapter 7 HW Score: 0.58 of 30 pts xE7-29 (similar to) 6 of 6 (5 complete) v HW Score: 37.27%, 52.17 of 140 pts IS Question Help The Schuyler Corporation manufactures lamps. It has set up the following standards per finished unit for direct materials and direct manufacturing labor. EE (Click the icon to view the standards.) The number of finished units budgeted for January 2017 was 9,760, 9,750 units were actually produced. Ez (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 97.600 lb., at a total cost of $497,760. Input price variances are isolated upon purchase. Input-efficiency variances are isolated at the time of usage. Read the requirements. 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.) Direct materials (purchases) Direct materials (usage) Direct manufacturing labor Actual input 97,600 95,500 4,700 X Budgeted price X $ 4.90 x $ 4.90 X $ 30.00 = = $ . $ - $ Cost 478,240 467,950 141,000 Next determine the formula and calculate the costs for the flexible budget. | = Flexible budget cost Direct materials Direct manufacturing labor Choose from any list or enter any number in the input fields and then click Check Answer. 6 parts O remaining Clear All Check