\begin{tabular}{l} McKnight \\ Standard Cost Income Statement \\ For the Month Ended July 31,2018 \\ \hline \end{tabular} Activate Windows More info Reference Reference a. There were no beginning or ending inventory balances. All expenditures were on account. b. Actual production and sales were 62,500 coffee mugs. c. Actual direct materials usage was 10,000lbs. at an actual cost of $0.17 per lb. d. Actual direct labor usage was 198,000 minutes at a total cost of $27,720. e. Actual overhead cost was $4,950 variable and $35,850 fixed. f. Selling and administrative costs were $115,000