Budget Performance Report Genie in a Bottle Company (GBC) manufactures plastic two-liter bottles for the beverage Industry. The cost standards per 100 two-liter bottles are as follows: Standard Cost Cost Category per 100 Two-Liter Bottles $1.52 6.28 Direct labor Direct materials Factory overhead Total 0.36 $8.16 At the beginning of July, GBC management planned to produce 580,000 bottles. The actual number of bottles produced for July was 625,400 bottles. The actual costs for July of the current year were as follows: Actual Cost for the Cost Category Month Ended July 31 Direct labor $9,331 38,394 Direct materials Factory overhead Total 2,278 $50,003 Enter all amounts as positive numbers. a. Prepare the July manufacturing standard cost budget direct labor, direct materials, and factory overhead) for WBC, assuming planned production Genie in a Bottle Company LICENSILIVMUMUS. a. Prepare the July manufacturing standard cost budget direct labor, direct materials, and factory overhead) for WBC, assuming planned production Genie in a Bottle Company Manufacturing Cost Budget For the Month Ended July 31 Standard Cost at Planned Volume(580,000 Bottles) Manufacturing costs: Direct labor Direct materials Factory overhead Total 2 b. Prepare a budget performance report for manufacturing costs, showing the total cost variances for direct materials, direct labor, and factory overhead fo July, Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. If required, round your answer to nearest cent. Genle in a Bottle Company Manufacturing Costs-Budget Performance Report For the Month Ended July 31 Actual Costs Standard Cost at Actual Volume(626,400 Bottles) Cost Variance (Favorable) Unfavorable Manufacturing costs: Direct labor Direct materials b. Prepare a budget performance report for manufacturing costs, showing the total cost variances for direct materials, direct labor, and factory overhead for July. Enter a favorable vortance as a negative number using a minus sign and an unfavorable variance as a positive number. If required, round your answers to nearest cent. Genie in a Bottle Company Manufacturing Costs-Budget Performance Report For the Month Ended July 31 Actual Cost Variance Standard Cost at Actual Volume(626,400 Battles) (Favorable) Costs Unfavorable Manufacturing costs: Direct labor Direct materials Factory overhead Total manufacturing cost direct labor and direct material cost variances C. The Company's actual costs were $1111.24 than budgeted more than offset a small factory overhead cost variance
