Actual cost and production information for July 2024 follows: (Click the icon to view actual cost and production information.) Read the requirements. 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 Overheac account. 5. Middlaton intentionally hired more highly skilled workers during July. How did this decision affect the cost variances? Cverall, was the decision wise? Actual cost and production information for July 2024 follows: (Click the icon to view actual cost and production information.) Read the requirements. 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 Overheac account. 5. Middlaton intentionally hired more highly skilled workers during July. How did this decision affect the cost variances? Cverall, was the decision wise