The Yates Corporation manufactures lamps. It has set up the following standards per finished unit for direct materials and direct manufacturing labour: (Click the icon to view the standards.) The number of finished units budgeted for January was 10,000;9,850 units were actually produced. (Click the icon to view actual data.) Input-efficiency variances are isolated at the time of usage. Required 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 j Next, prepare the journal entry for direct materials efficiency variance. Next, prepare the journal entry for direct materials efficiency variance. Requirement 3. Comment on the January price and efficiency variances of Yates Corporation. The Yates Corporation manufactures lamps. It has set up the following standards per finished unit for direct materials and direct manufacturing labour: (Click the icon to view the standards.) The number of finished units budgeted for January was 10,000;9,850 units were actually produced. (Click the icon to view actual data.) Input-efficiency variances are isolated at the time of usage. Required 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 j Next, prepare the journal entry for direct materials efficiency variance. Next, prepare the journal entry for direct materials efficiency variance. Requirement 3. Comment on the January price and efficiency variances of Yates Corporation