The Yates Corporation manufactures lamps. It has set up the following standards per finished unit for direct materials and Assume that there was no beginning inventory of either direct materials or finished units. During the month, materials direct manufacturing labor: purchased amounted to 99,500 lb., at a total cost of $507,450. Input price variances are isolated upon purchase. E (Click the icon to view the standards.) Input-efficiency variances are isolated at the time of usage. The number of finished units budgeted for January 2017 was 9,950; 9,850 units were actually produced. Read the requirements. (Click the icon to view actual data.) Let's begin by calculating the actual input at the budgeted price. (Round your answers to the nearest whole dollar.) Standards Cost Actual input 99,500 97,500 Budgeted price x $ 5.00 = $ Direct materials (purchases) Direct materials (usage) Direct manufacturing labor 497,500 $ 5.00 $ 487,500 Direct materials: 10 lb. at $5.00 per Ib. Direct manufacturing labor: 0.5 hour at $31 per hour $ 50.00 15.50 4,700 x $ 31.00 = $ 145,700 Print Done Next determine the formula and calculate the costs for the flexible budget. Budgeted input for actual output Direct materials 98,500 Direct manufacturing labor 4,925 x $ Budgeted price 5.00 = Flexible budget cost $ 492,500 31.00 = $ 152,675 i Actual Data Now compute the price and efficiency variances for direct materials and direct manufacturing labor. Label each variance as favorable (F) or unfavorable (U). Price Efficiency Actual results in January 2017 were as follows: variances variances Direct materials: 97,500 lb. used Direct manufacturing labor: 4,700 hours $ 153,925 Direct materials Direct manufacturing labor Print Done Choose from any list or enter any number in the input fields and then click Check