Requirements The Wayne Corporat als and direct manufacturing labor (Click the ic

Question

Requirements The Wayne Corporat als and direct manufacturing labor (Click the icon to The number of insh1.Compute the January 2014 price and efficiency 1 Compute the January 2014 price and efficiency variances of direct materials of and direct manufacturing labor EEB (Click the icon to Assume that there w 2. Prepare journal entries to record the variances in requirement of $521.850. Input pr3. Comment on the January 2014 price and efficiency vanances of Wayne s purchases amounted to 99,400 lb, at a total cost sage Read the tequiremen4. Why might Wayne calculate direct matenals price variances and direct Requirement 1. Com Let's begin by calcul ng labor Print-=-Done 6 Data Table Data Tabie Actual results in January 2014 were as follows Direct materials 97500 b used Direct manufactuning labor 4,800 hours 154,800 S 5100 Direct materiais: 10 b. at 55 10 per lb Direct manufacturing labor: 0 5 hour at $31 per hour Pint Done Print Done Price Efficiency variances variances

Explanation / Answer

1. requirement

Calculation of actual input at budgeted price

Flexible budget cost

Calculation of price and usage/efficiency variance

Journal entries - Labor price and efficiency variance

Journal entries - direct material price and efficiency variance

Actual input X Budgeted price = Cost direct material (purchases) 99400 X 5.1 = 506940 direct material (usage) 97500 X 5.1 = 497250 Direct manufacturing labor 4800 X 31 = 148800

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