bria manufactures coffee mugs that it sells to other companies for customizing with their logo. prepare the standard costing income statement for july 2018

e mugs that it sels to other companies for cuslomizing Bria calculated the following varances and recorded the lo ew the cost on informaData Table ew actual co al sales pri for July 20 nd/or an op Bria 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 60,100 coffee mugs per month: Direct Materials 0.2 lbsS 0.25 per lb) Direct Labor3 minutes $ 0.10 per minute) Manufacturing Overhead: S 0.05 0.30 Fo Variable3 minutes $ 0.04 per minute) $ 0.12 0.42 0.54 Fixed 3 minutes $ 0.14 per minute) $ 0.89 Total Cost per Coffee Mug Print Done nter any number in the input fields and then click Check Answer. Clear All Che s that it sells to olher companies for cuslomizingBria calculated th 2018 cost data.) (Click the icon to view variances.) ual More Info or an a. There were no beginning or ending inventory balances. All expenditures were on account. b. Actual production and sales were 62,800 coffee mugs. c. Actual direct materials usage was 10,000 lbs. at an actual cost of $0.17 per Ib. d. Actual direct labor usage was 201,000 minutes at a total cost of $26,130. e. Actual overhead cost was $6,030 variable and $34,770 fixed f. Selling and administrative costs were $123,000 Print Done any number in the input fields and then click Check Answer mugs that it sels to X s and recorded the fol Reference w the cost data.) n information for Ju w actual cost and pro l sales price per mu tries.) Variance $ 800 F $ 6,030 U Direct materials cost variance xpenses and/or an op Direct labor cost variance Variance Direct materials efficiency variance640 F Direct labor efficiency variance Standard C -$ 1,260 U For the Mont Variance VOH cost variance $ 2,010 F VOH efficiency variance S 504 U Variance $ 9,528 U 1,134 F FOH cost variance FOH volume variance Print Done ter any number in Clear All Che Reterence fol Date Accounts and Explanation DebitCredit Jul. Raw Materials Inventory 2,500 y 20 n ope Direct Materials Cost Variance Accounts Payable 1,700 Purchased direct materials Jul Work-in-Process Inventory 3,140 Direct Materials Efficiency Variance 640 Raw Materials Inventory 2,500 Used direct materials. 18,840 6,030 1,260 Jul Work-in-Process Inventory Direct Labor Cost Variance Direct Labor Efficiency Variance Wages Payable 26,130 v Print Done heck Reterence Wages Payable 26,130 A Direct labor costs incurred. Jul Manufacturing Overhead 20 n op 40,800 Various Accounts 40,800 Manufacturing overhead costs incurred Jul Work-in-Process Inventory 33,912 Manufacturing Overhead 33,912 Manufacturing overhead costs allocated. Jul Finished Goods Inventory 55,892 Work-in-Process Inventory 55,892 Compieted goods transferred Jul Variable Overhead Efficiency Variance Fixed Overhead Cost Variance 504 9,528 Variable Overhead Cost Variance 2,010 Print Done Various Accounts 40,800 Manufacturing overhead costs incurred Jul. Work-in-Process Inventory 33,912 33,912 Manufacturing Overhead Manufacturing overhead costs allocated. Jul. Finished Goods Inventory 55,892 Work-in-Process Inventory 55,892 Completed goods transferred. Jul. Variable Overhead Efficiency Variance Fixed Overhead Cost Variance 504 9,528 Variable Overhead Cost Variance Fixed Overhead Volume Variance Manufacturing Overhead 2,010 1,134 6,888 To adjust Manufacturing Overhead Print Done