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 the month, materials and direct manufacturing labor: materials purchased amounted to 97,100 lb., at a total cost of $485,500. Input price variances are isolated (Click the icon to view the standards.) upon purchase. Input-efficiency variances are isolated at the time of usage. The number of finished units budgeted for January 2017 was 9,710; 9,650 units were actually produced. Read the requirements. (Click the icon to view actual data.) i Requirements Xriances of direct materials and direct manufacturing labor. Actual Data pund your answers to the nearest whole dollar.) = eted price 1. Cost Actual results in January 2017 were as follows: Direct materials: 95,000 lb. used Direct manufacturing labor: 4,700 hours 2. 3. Compute the January 2017 price and efficiency variances of direct materials and direct manufacturing labor. Prepare journal entries to record the variances in requirement 1. Comment on the January 2017 price and efficiency variances of Yates Corporation. Why might Yates calculate direct materials price variances and direct materials efficiency variances with reference to different points in time? $ 148,050 4. Print Done Standards Print Done S 49.00 Direct materials: 10 lb. at $4.90 per lb. Direct manufacturing labor: 0.5 hour at $30 per hour Enter any number in the edit fields and then click Check Al 15.00 ? parts remaining Print Done Check