The Wind Corporation and perfect for nem Ahow in Durra mahu purchase anywhere Then oder 2000 200 X Actual data Rumento 2000 preso de De 700 Daru. Coat MITO . 67 Standards Die 10 matering so O Pril Done Requirement 2. Prepare journal entries to record the variances in requirement 1. Prepare the journal entry for the direct materials price variance. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Accounts Debit Credit Next prepare the journal entry for direct materials efficiency variance Journal Entry Date Accounts Debit Credit Now they for dred manung labor pace and cancy ances Journal Date Accounts Debit Cred Hequent comme 200 Wayne Cart Ale on the Tuy was anderen Hem Wwwwwww Then Wind The w D m The Wayne Corporation manufactures lamps. It has set up the following standards per finished unit for direct materials and direct manufacturing labor B (click the icon to view the standards.) The number of finished units budgeted for January 2020 was 9,950; 9,850 units were actually produced. Click the icon to view actual data.) p! RO Requirement 1. Compute the January 2020 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.) Actual input Budgeted price Cost Direct materials (purchases) 99500 4.7 467650 Direct materials (usage) 97500 4.7 458250 Direct manufacturing labor 4800 29 139200 Next determine the formula and calculate the costs for the flexible budget. X X x = Flexible budget cost X Direct materials Direct manufacturing labor X Assume that there was no beginning inventory of either direct materials or finished units. During the month, materials purchased amounted to 99,500 lb., at a total cost of $467,650. Input price variances are isolated upon purchase. Input-efficiency variances are isolated at the time of usage. Standards $ 46.00 bor. Direct materials: 10 lb. at $4.60 per lb. Direct manufacturing labor: 0.5 hour at $29 per hour 14.50 Actual data Actual results in January 2020 were as follows: Direct materials: 97,500 lb. used Direct manufacturing labor: 4,800 hours $ 146,400 Eget cost Price variances 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 Direct materials Direct manufacturing labor Requirement 2. Prepare Journal entries to record the variances in requirement 1. Prepare the journal entry for the direct materials price variance. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Accounts Debit Credit Next prepare the journal entry for direct materials efficiency variance. Journal Entry Date Accounts Debit Credit Now prepare the journal entry for direct manufacturing labor price and efficiency variances. Journal Entry Date Accounts Debit Credit Flutne bouton to Requirement Comment on w 2020 ne anotan varance of Wayne Corporation A key pontthet way to te They are o a control and arrange of acceptable performance ana ing Agile Requirement. WyWrest van de mee where to The purpon is where sportivity for found out for the hononi whereby Howth on Wave Corporate