The Chemung Corporation manufactures lamps. It has set up the following standards per finished unit for direct materials and direct manufacturing labor:

Direct Materials: 10lb. at $5.40 per lb----$54.00

Direct manufactoring labor: 0.5 hour at $30 per hour ----15.00

The number of finished units budgeted for January 2014 was 9,860; 9,750 units were actually produced.

Actual results in Janurary 2014 were as follows:

Direct materials: 96,500lb used

Direct manufactoring labor: 4800 hours---$151,200

Assume that there was no beginning inventory of either direct materials or finished units. During the month, materials purchases amounted to 98,600 lb., at a total cost of $542,300. Input price variances are isolated upon purchase. Input-efficiency variances are isolated at the time of usage.

U materials purchases amounted to 98,600 lb., at a toa ss. Input-efficiency variances are isolated at the time of usage. Read the requirements the January 2014 price and efficiency variances of direct materials and direct manufacturing labor Requirement 1. Compute Lets begin by calulating the actual input at the budgeted price.(Round your answers to the nearest whole dollar.) Actual input xBudgeted price Cost Direct materials (purchases) Direct materials (usage) Direct manufacturing labor Next determine the formula and calculate the costs for the fexible budget Flexible budget cost Direct materials Direct manufacturing labor e Now compute the price and efficiency variances for direct materials and direct manufacturing labor. Label each variance as favorable (F) or unfavorable (U) Choose from any list or enter any number in the input fields and then continue to the next question. Ao MacBook Air