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 Direct labor Direct materials Standard Cost per 100 Two-Liter Bottles $1.48 4.84 Factory overhead Total 0.28 $6.6 At the beginning of July, GBC management planned to produce 710,000 bottles. The actual number of bottles produced for July was 766,800 bottles. The actual costs for July of the current year were as follows: Cost Category Direct labor Direct materials Factory overhead Total Actual Cost for the Month Ended July 31 $11,122 36,222 2,169 $49,513 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 July 31 Standard Cost at Planned Volume(710,000 Bottles) Manufacturing costs Check My Work more Check My Work uses remaining Previous Next eBook Show Me How 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(710,000 Bottles) Manufacturing costs: Direct labor Direct materials Factory overhead Total 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. If required, round your answers to nearest cent. Genie in a Bottle Company Manufacturing Costs-Budget Performance Report For the Month Ended July 31 Manufacturing costs: Direct labor Direct materials Factory overhead Total manufacturing cost Actual Standard Cost at Actual Volume(766,800 Bottles) Costs Cost Variance- (Favorable) Unfavorable than budgeted. ( direct labor and direct material cost variances more than factory.overhead.cost.variance. c. The Company's actual costs were $1095.80 offset a small Check My Work 3 more Check My Work uses remaining Previous Next