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 Direct labor $1.24 5.58 Direct materials Factory overhead 0.32 Total $7.14 At the beginning of July, GBC management planned to produce 660,000 bottles. The actual number of bottles produced for July was 712,800 bottles. The actual costs for July of the current year were as follows: Cost Category Direct labor Direct materials Factory overhead Actual Cost for the Month Ended July 31 $8,662 38,820 2,304 Total $49,786 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 Manufacturing Cost Budget For the Month Ended March 31 Standard Cost at Planned Volume (660,000 Bottles) Manufacturing costs: Direct labor 6,600 X Previous Next Check My Work Save and Submit Assignment for Grading saved. 530 PM Print them (660,000 Bottles) Manufacturing costs: Direct labor 6,600 X Direct materials Factory overhead Total Feestuck Check My Work Compare the actual costs with the standard cost at actual volume for direct labor, direct materials, and overhead. Identify the cost variance as favorable actual less than standards or unfavorable (actual greater than standard) Review the concepts of favorable and unfavorable variances 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 variance as a negative number using a minus sign and an unfavorable variance as a positive number. Round your answers to two decimal places. Genie in a Bottle Company Manufacturing Costs-Budget Performance Report For the Month Ended March 31 Standard Cost Cost at Actual Variance- Volume (712,800 (Favorable) Actual Bottles) Unfavorable Costs Manufacturing costs: Direct labor Direct materials pun Factory overhead Total manufacturing cost