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: Cost Category Standard Cost per 100 Two-Liter Bottles Direct labor $2.00 Direct materials 9.10 Factory overhead 0.55 Total $11.65 At the beginning of July, GBC management planned to produce 400,000 bottles. The actual number of bottles produced for July was 406,000 bottles. The actual costs for July of the current year were as follows: Cost Category Actual Cost for the Month Ended July 31 Direct labor $7,540 Direct materials 35,750 Factory overhead 2,680 Total $45,970 Enter all amounts as positive numbers. a. Prepare the July manufacturing standard cost budget (direct labor, direct materials, and factory overhead) for GBC, assuming planned production. Genie In A Bottle Company Manufacturing Cost Budget For the Month Ended July 31 Standard Cost at Planned Volume (400,000 Bottles) Manufacturing costs: Direct labor $ Direct materials Factory overhead Total $ Feedback 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 standard) or unfavorable (actual greater than standard). Review the concepts of favorable and unfavorable variances. Learning Objective 2. 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. Genie In A Bottle Company Manufacturing Costs-Budget Performance Report For the Month Ended July 31 Actual Costs Standard Cost at Actual Volume (406,000 Bottles) Cost Variance- (Favorable) Unfavorable Manufacturing costs: Direct labor $ $ $ Direct materials Factory overhead Total manufacturing cost $ $ $