Actual cost and prociction infortmation lor July 2024 folows finanudacturing corts The standard unit cost of a colfee mug is based on slatic tudget. (i) (Click the iose to vicw actual cont and production iaformaton) velume of 60,100 collee mugs per nonth More info Data table a. There were no bogning or ending irventory balances Ar expenditures were on account. b. Actual production and sales were 62,200 coffee mogs c. Actual drect materiah usage was 10,000lbs at an aclual cost of 5017 per lb d. Actual drect bbor uhage was 201,000 minutes at a total cost er 5,74,170 e. Actual overhead cost was $8.040 variable and $12,460 fored 1. Selling and adminlstrative cosis were 5120,000 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. Joumalize the movement of all production costs from Work-in-Process Inventory Journalize the adjusting of the Manufacturing Overhead account. 5. Juda intentionally hired more highly skilled workers during July. How did this decision affect the cost variances? Overall, was the decision wise