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

up the following standards per finished unit for direct

Assume that there was no beginning inventory

of either direct materials or finished units. During

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.$)$

Direct materials: $10$ lb$.$ at $$5\mathrm{.}10$ per lb$.$ Direct manufacturing labor: $0\mathrm{.}5$ hour at $$31$ per hour

$15\mathrm{.}50.$ The number of finished units budgeted for January $2020$ was $10$ comma $050$; $9$ comma $900$ units were actually produced.

$$51\mathrm{.}00$

Actual results in January $2020$ were as$$ follows:

Direct materials: $98,500$ lb$.$ used

Direct manufacturing labor: $4,800$ hours

$$156,000$ Assume that there was no beginning inventory of either direct materials or finished units. During the$$ month, materials purchased amounted to $100$ comma $500$lb$.,$ at a total cost of $ $522$ comma $600.$ Input price variances are isolated upon purchase.$$ Input$-$efficiency variances are isolated at the time of usage.