The Yates Corporation manufactures lamps. It has set up the following standards per finished unit for direct

materials and direct manufacturing labor:

$($Click the icon to view the standards.$)$

The number of finished units budgeted for January $2020$was $9,9409,900$units were actually produced.

$($Click the icon to view actual data.$)$

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.$)$

Assume that there was no beginning inventory of either direct materials or finished units. During the month,

materials purchased amounted to $99,400lb.,$ at a total cost of $$462,210.$ Input price variances are isolated

upon purchase. Input$-$efficiency variances are isolated at the time of usage.

Read the requirements.

Standards

Direct materials: $10$ lb $.$ at $$4\mathrm{.}50$ per lb$.$

Actual Data

Actual results in January $2020$ were as follows:

Direct materials: $97,500lb.$ used

Direct manufacturing labor: $4,900$ hours

$ $159,250$