Business, 19.10.2021 14:00 jadejordan8888

The Chemung Corporation manufactures lamps. It has set up the following standards per finished unit for direct materials and direct manufacturing labor: Direct Materials: 10lb. at $5.40 per lb$54.00
Direct manufactoring labor: 0.5 hour at $30 per hour 15.00
The number of finished units budgeted for January 2014 was 9,860; 9,750 units were actually produced.

Actual results in Janurary 2014 were as follows:

Direct materials: 96,500lb used
Direct manufactoring labor: 4800 hours---$151,200

Assume that there was no beginning inventory of either direct materials or finished units. During the month, materials purchases amounted to 98,600 lb., at a total cost of $542,300.

Required:
a. Compute the January 2014 price and efficiency variances of direct materials and direct manufacturing labor
b. Prepare journal entries to record the variances in requirement 1.
c. Comment on the January 2014 price and efficiency variances of Yates Corporation.
d. Why might Yates calculate direct materials price variances and direct materials efficiency variances with reference to different points in time?

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The Chemung Corporation manufactures lamps. It has set up the following standards per finished unit...

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