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

Compute the January 2017 price and efficiency variances of direct materials and direct manufacturing labor.

me Seneca Corporation mandactres lampslthas set upthe tolowing standards perfeished unitfor direct maar als and direct manufacturing labor EE (ca ne ion view the standards.) The number of finished unts budgeted for January 2017 was 9,950:9,850 units were achually produced (Cick the icon biew actw data) Assune Pat ther was no begm give to yofeter doet matenals or tw od unts Dung theo th purchased amounted to 99 900 ,at a total cost of $549,450 Input price variances are isciated upon purchase. Input-efficiency variances are isolated at the tme of usage ateras Read the eavcemets Requirement 1. Compute the January 2017 price and eficlency variances of direct materiais and direct manufacturing labor Let's begin by calculating the actual input at the budgeted price (Round your answers to the nearest whole dolar) Actual input Budgeted priceGost Direct materials (purchases Direct materials (usage) Direct manufacturing labor Standards Actual Duta Dinect materials: 10 at $5.40 per b Direct manufacturing labor 0.5 hour at $29 per hour 5400 14 50 Actual neuts in January 2017 were as folows Oirect mateial: 96,000 tb used Diect manufacturing labor 4,800 hours 146,400 Print Done Pyint Done