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.) Assume that there was no beginning inventory of either direct materials or finished units. During the month, materials purchased amounted to 99,300 lb., at a total cost of $546,150. Input price The number of finished units budgeted for January 2017 variances are isolated upon purchase. was 9,930,9,850 units were actually produced. Input efficiency variances are isolated at the time of usage. (Click the icon to view actual data.) Read the requirements. Requirement 1. Compute the January 2017 price and efficiency varances of direct materials and direct manufacturing labor: Standards ost of $546,150. Input price solated upon purchase. y variances are isolated at the tin rements. materials and diredt manufactu grs to the nearest whole dollar.) The Yates Corporation manufactures lamps. It has set up the following standards per finished unit for direct materials Assume that there was no beginning imventory of and direct manufacturing labor: either direct materials or finished units. During the month, materials purchased amounted to 99,300 Actual Data total cost of $546,150. Input price s are isolated upon purchase. ciency variances are isolated at the time Actual results in January 2017 were as follows: Diect materials: 97,500lb. used Direct manufacturing labor: 4,800 hours 2 requirements. Requirements 1. Compute the January 2017 price and efficiency variances of direct materials and direct manufacturing labor. 2. Prepare joumal entries to record the variances in requirement 1. 3. Comment on the January 2017 price and efficiency variances of Yates Corporation. 4. Why might Yates calculate direct materials price variances and direct materials efficiency variances with reterence to different points in time? me solve this Etext pages Get more help