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

1. Compute the january 2017 price and effeciency variances of direct materials and direct manufacturing labor

2. Prepare journal entries to record the variances in requirement 1

3.Comment on the january 2017 price and efficiency variances of Seneca Corp.

4. Why might Seneca calculate direct materials price variances and direct materials effeciency variances with reference to different points in time.

Direct Materials Used: 97,000lbss

Direct Manufacturing Labor: 4,800 $154,800

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

Direct Manufacturing Labor: 0.5 hour at $31 per hour $15.50

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