Cole manufactures coffee mugs that sells to other companies for customizing with their own logos. Cole prepares Act exible budgets and uses a standard cost system to control manufacturing costs. The standard unit cost of a coffee mug is based on a budget volume of 59, 700 coffee mugs per month the con to view the cost data) There were no beginning of ending inventory balances Alexpenditures were on Select the required formulas, compute the efficiency variances for direct materials and direct laborand identify whether FOH tedavhend SC standard S tandard quan b. Actual production and sales were 2.400 cote mugs Actual direct materials usage was 10.000 lbs at an actual cost of $0.17 per d. Actual direct labor usage was 203.000 minutes t otal cost of $30450 Actual overhead cost was $11,165 variable and 29 30 fred Seling and administrative costs were $130.000 Formula TAVSC Direct menacency Direct laborathclency variance (A BOSC Requirement 2. Som the purchase and usage of direct materials and the assignment of director le Begin by the purchase of direct materials, including the related variance Data Table Labor Manufacturing Overhead a. There were no beginning or ending inventory balances. All expenditures were on account. b. Actual production and sales were 62,400 coffee mugs. c. Actual direct materials usage was 10,000 lbs. at an actual cost of $0.17 per lb. d. Actual direct labor usage was 203,000 minutes at a total cost of $30,450. e. Actual overhead cost was $11,165 variable and $29,335 fixed. f. Selling and administrative costs were $130,000, rect materials and dire Data Table JU ost; AD - Actualquer ct labor, and ident 26 perb 0.13 per minute) 0.05 0.39 Variance Direct Materials 02 lbs Direct Labor Manufacturing Overhead: Variable 3 minutes @ Fixed 3 minutes @ Total Cost per Coffee Mug $ $ 0.08 per minute 0.14 per minute) 0.18 0.42 0.60 line of the journal entry hent of direct labor. in Prepare a single com Print Done o the next