1.) Mancini Co. manufactures jackets. The company prepares flexible budgets and uses a standard cost system to control manufacturing costs. The standard unit cost of a jacket is based on static budget volume of 14.000 jackets per month: Actual cost and production information for November: Actual production and sales were 13,600 jackets. Actual direct materials usage was 2.8sq. ft. per jacket, at an actual price of $4.10 per square foot. Actual direct labor usage of 25,000 hours at a total cost of $237,500. Actual overhead cost was $79,000. The following cost information is taken from Mancini's manufacturing overhead monthly static budget. The following is the actual manufacturing overhead cost information for November. a. Compute "total, price and efficiency variances for direct materials and direct labor" and "total, controllable and volume variances for manufacturing overhead". b. Assuming the company purchased all the direct materials and used them in the current month and the 13,600 jackets are started and completed in the current month; journalize "the purchase and usage of direct materials", "incurrence and the assignment of direct labor", "incurrence and assignment of manufacturing overhead", sale of all the produced jackets at 45S per jacket and "overhead variances". c. Prepare a "flexible budget report" for manufacturing overhead for the current month. d. Prepare a standard cost income statement for the current month thorough Gross Profit (actual). 1.) Mancini Co. manufactures jackets. The company prepares flexible budgets and uses a standard cost system to control manufacturing costs. The standard unit cost of a jacket is based on static budget volume of 14.000 jackets per month: Actual cost and production information for November: Actual production and sales were 13,600 jackets. Actual direct materials usage was 2.8sq. ft. per jacket, at an actual price of $4.10 per square foot. Actual direct labor usage of 25,000 hours at a total cost of $237,500. Actual overhead cost was $79,000. The following cost information is taken from Mancini's manufacturing overhead monthly static budget. The following is the actual manufacturing overhead cost information for November. a. Compute "total, price and efficiency variances for direct materials and direct labor" and "total, controllable and volume variances for manufacturing overhead". b. Assuming the company purchased all the direct materials and used them in the current month and the 13,600 jackets are started and completed in the current month; journalize "the purchase and usage of direct materials", "incurrence and the assignment of direct labor", "incurrence and assignment of manufacturing overhead", sale of all the produced jackets at 45S per jacket and "overhead variances". c. Prepare a "flexible budget report" for manufacturing overhead for the current month. d. Prepare a standard cost income statement for the current month thorough Gross Profit (actual)