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 $1.5 Direct materials 6.22 Factory overhead 0.38 Total $8.1 At the beginning of July, GBC management planned to produce 530,000 bottles. The actual number of bottles produced for July was 572,400 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 $8,414 Direct materials 34,749 Factory overhead 2,197 Total $45,360 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. For the Month Ended July 31 Standard Cost at Planned Volume (530,000 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 Actual Standard Cost at Actual Volume(572,400 Bottles) Cost Variance- Favorable) Unfavorable Manufacturing costs: Direct labor Direct materials Factory overhead Total manufacturing cost $ than budgeted. direct labor and direct material cost variances more than offset a small C. The Company's actual costs were $1004.4 factory overhead cost variance