Homework: chapter7 Score: 0 of 30 pts Instructor-created question Save 2 of 6 (0 complete) HW Score: 0%, 0 of 145 pt Question Help The Monroe Corporation manufactures lamps 1 (Click the icon to view the standards ) Requirements 1.Compute the January 2012 price and efficiency variances of direct materials and direct manufacturing labor The number of finished units budgeted for January 2012 was 9.6309600 unts 2.Prepare journal entries to record the variances in requirement 1 were actually produced 0 (Cick the icon to view actual data) Assume that there was no beginning inventory of either direct materials or finished units. During the month, materials purchases amounted to 96,300 lbs., at a total cost of $462 240. Input price variances are isolated upon purchase Input-efficiency vanances are isolated at the time of usage. Requirement 1. Compute the January 2012 price and efficiency variances of direct materials and direct manufacturing labor Now compute the price and efficiancy variances for direct materials and direct manufacturing labor Label each variance as favorable (F) or unfavorable (U) Price Eficiency 0 More into More Into on It has set up the following standards per finished unit for direct materials and Actual results in January 2012 were Direct materials 94,500 ibs used Direct manufacturing labor 4,600 hours direct manufacturing labor Direct materials 10 lbs at $4.60 per Ib Direct manufacturing labor 0.5 hour at $29 per hour 140,300 $ 4600 14 50 Print Done Print Done Next prepare the journal entry for direct matenials eficiency vani ance Journal Entry Date Accounts Debit Credit Choose from any list or enter any number in the input fields and then click Check Answer All parts showing Clear Al Check