please answer all parts do not sat aboyt your guidelines need correct and complete answer for all with full woring Requirements 1. Compute the January 2017 price and efficiency variances of direct materials and direct manufacturing labor. 2. Prepare journal entries to record the variances in requirement 1. 3. Comment on the January 2017 price and efficiency variances of Wayne Corporation. 4. Why might Wayne calculate direct materials price variances and direct materials efficiency variances with reference to different points in time? The Wayne Corporation manufactures lamps. It has set up the followingstandards per finished unit for direct materials and direct manufacturing labor(Click the icon to view the standards.)The number of finished units budgeted for January 2017 was 9,660; 9,600 unitswere actually produced,(Click the icon to view actual data.)CTTBDirect materials (purchases)Direct materials (usage)Direct manufacturing laborILEAssume that there was no beginning inventory of either direct materials orfinished units. During the month, materials purchased amounted to96,600 lb., at a total cost of $478,170. Input price variances are isolatedupon purchase. Input-efficiency variances are isolated at the time ofusage.Read the requirementRequirement 1. Compute the January 2017 price and efficiency variances of direct materials and direct manufacturing laborLet's begin by calculating the actual input at the budgeted price. (Round your answers to the nearest whole dollar)Actual inputBudgeted priceCost StandardsDirect materials: 10 lb. at $4.80 per lb.Direct manufacturing labor: 0.5 hour at $30 per hourPrintActual DataDone$ 48.0015.00Actual results in January 2017 were as follows:Direct materials: 94,500 lb. usedDirect manufacturing labor: 4,700 hours $ 148,050I

Answered: The Wayne Corporation manufactures…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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please answer all parts do not sat aboyt your guidelines need correct and complete answer for all with full woring

Requirements 1. Compute the January 2017 price and efficiency variances of direct materials and direct manufacturing labor. 2. Prepare journal entries to record the variances in requirement 1. 3. Comment on the January 2017 price and efficiency variances of Wayne Corporation. 4. Why might Wayne calculate direct materials price variances and direct materials efficiency variances with reference to different points in time?

The Wayne 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.)
The number of finished units budgeted for January 2017 was 9,660; 9,600 units
were actually produced,
(Click the icon to view actual data.)
CTTB
Direct materials (purchases)
Direct materials (usage)
Direct manufacturing labor
ILE
Assume that there was no beginning inventory of either direct materials or
finished units. During the month, materials purchased amounted to
96,600 lb., at a total cost of $478,170. Input price variances are isolated
upon purchase. Input-efficiency variances are isolated at the time of
usage.
Read the requirement
Requirement 1. Compute the January 2017 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)
Actual input
Budgeted price
Cost

Standards
Direct materials: 10 lb. at $4.80 per lb.
Direct manufacturing labor: 0.5 hour at $30 per hour
Print
Actual Data
Done
$ 48.00
15.00
Actual results in January 2017 were as follows:
Direct materials: 94,500 lb. used
Direct manufacturing labor: 4,700 hours $ 148,050
I

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