4 seperat accounts and explaination. plz help 2/2

- Data table $ 0.05 0.42 Direct Materials (0.2 lbs @ $0.25 per lb) Direct Labor (3 minutes @ $0.14 per minute) Manufacturing Overhead: Variable (3 minutes @ $0.04 per minute) Fixed (3 minutes @ $0.13 per minute) Total Cost per Coffee Mug $ 0.12 0.39 0.51 0.98 a on More info a. There were no beginning or ending inventory balances. All expenditures were on account b. Actual production and sales were 62,400 coffee mugs. c. Actual direct materials usage was 10,000 lbs. at an actual cost of $0.17 per lb. d. Actual direct labor usage was 203,000 minutes at a total cost of $32,480. Actual overhead cost was $4,060 variable and $36,740 fixed. f. Selling and administrative costs were $120,000. e. 1 Requirements 1. Compute the cost and efficiency variances for direct materials and direct labor. 2. Journalize the purchase and usage of direct materials and the assignment of direct labor, including the related variances. 3. For manufacturing overhead, compute the variable overhead cost and efficiency variances and the fixed overhead cost and volume variances. 4. Journalize the actual manufacturing overhead and the allocated manufacturing overhead. Journalize the movement of all production costs from Work-in-Process Inventory. Journalize the adjusting of the Manufacturing Overhead account 5. McKnight intentionally hired more highly skilled workers during July. How did this decision affect the cost variances? Overall, was the decision wise? is do ns aria Mcknight manufactures coffee mugs that it sells to other companies for customizing with their own logos. McKnight prepares flexible budgets and uses a standard cost system to control manufacturing costs. The standard unit cost of a coffee mug is based on static budget volume of 50,700 coffee mugs per month Click the icon to view the cost data) Actual cost and production information for July 2024 follows: Click the icon to view actual cost and production Information) Read the equiremena 16 Requirement 3. For manufacturing overhead, compute the variable overhead cost and efficiency variances and the fixed overhead cost and volume variances. Begin with the variable overhead cost and efficiency variances Select the required formulas, compute the variable overhead cost and efficiency variances, and identity whether each variance is favorable (F) or unfavorable (U). (Round any interim calculations to four decimal places, X.XXXX, and your final answers to the nearest whole dollar Abbreviations used. Acactual cost, AQ actual quantity, FOH fixed overhead: SC standard cost SQ standard quantity, VOH = variable overhead) Formula Variance VOH cost variance VOH officiency variatico Now compute the fixed overhead cost and volume variances Select the required formulas, compute the fixed overhead cost and volume variances, and identify Whether each variance in favorable (F) or unfavorable (U). (Abbreviations used Accu AG actual quantity, FOHfixed overhead, SC standard cost ssandard quantity Formula Variance FOH Cost vananca FOH volume Vivianco mandards in the minimum Requirement 4. Journalize the actual manufacturing overhead and the allocated manufacturing overhead. Journalize the movement of all production costs from Work in Process Inventory. Journalize the adjusting of the Manufacturing Overhead account. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Begin by journalizing the entry to show the actual manufacturing overhead costs incurred, Accounts and Explanation Debit Date Credit Jul Journalize the applied manufacturing overhead. Date Accounts and Explanation Jul Debit Credit Actual cost and production information for July 2024 follo McKnight manufactures coffee mugs that it sells to other companies for Journalize the movement of all production from Work-in-Process Inventory Accounts and Explanation Debit Date Credit Journalize the adjusting of the Manufacturing Overhead account. (Prepare a single compound journal entry) Date Accounts and Explanation Debit Credit Jul Mcknight manufactures coffee mugs that it sells to other companies for Actual cost and production Information for July 2024 follows: Date Accounts and Explanation Debit Credit Jul Requirement 5. McKnight intentionally hired more highly skilled workers during July. How did this decision affect the cost variances? Overall, was the decision wise? Hiring more-skilled, higher paid labor led to direct labor cost variance. Given the direct labor officiency variance, appear that these more-skilled workers performed officiently The overall not effect is thus management's decision was