comanies for women with wysmith prepares feble budgets and uses a standard cost to contact costs. The standard unit cost of a coffee mug is based on a budget volume of 50.900 mugs per month mm (click the icon to view the con data) Requirement 1. Compte the cost and officiency wances for direct trans and direct Begin with the cost variances Select the required formulas, compute the cost variance for (Abbreviations used AC actual cost AD actual unity, FOH tedves Fom Variance Direct materials cott Variance 1. Complete commerces for read 2. Jun. The purchase age of the tot direct labor, wing related 1 Formare what compute Mewtwd cancy and food was con www Juma gestande maduring out of from Worce on June and Overhead not Smith internal red more on How decision affect the cost town Data table Print Done 005 0.30 Direct Materials 02 is $0.25 per ) Direct Labor minutes 50.10 per minute) Manufacturing Overheat Variable am 10.04 perminta Femte 10 14 per minute) Total Cost per Coffee Mug $0.12 0. There were notering in my bio. Nepentin unt Actual production and sales were 12.000 A direct age was 10.000 to 30.17 d Adobe 100.000 210 Ahovedstaden Selling and a $115.000 354 10 Print Done Print Done Check anwer Sve Smith manufactures coffee mugs that it sets to other companies for customer with own logon Smith prepares faible budgets and uses a standard cost system to control manufacturing costs. The standard unit cost of a coffee mug is based on state budget volume of 60.000 colore mugs per month (Click the icon to view the cost data) Ach cost and production women for 2018 Click the con low cost and production Read the Requirement 1. Compute the cost and efficiency variances for direct materials and direct labor Begin with the cost variances Select the required formulas, compute the cost variances for direct materials and direct liber, we willy whenor dech vatance is favorable mer utovati u (Abbreviations used AC actual CAD actual quantity, FOH food overhead: SC standard cost standard quay Fomula Variance Direct materials cost Variance Direct labor cost variance Smith manufactures coffee mugs that was to other companies for customing with their own on Smith prepares feble budgets and use a standard cost system to control manufacturing The standard un cost of a coffee mug is tored on state budget volume of 60,000 coffee mugs per month Click the conview the cost Actus cost and production Information for July 2010 follows Click the icon to view attual cost and production information Read the requirements Bagn we the cost variances Select the required formas, comove the converses for direct town and direct intor, and ordity whether each variance is favorable or unavorable (ul Abbreviations ACAQ actual quantity, FOH, standard cost standard quanly) Formula Viance Dret materials cost Variance TACCAD 5 300F Dructator costvarite CACSC) AO $5.970 Select the required formulas, compute the efficiency variances for direct materials and direct obor, and only whether each variance is favorable or unfavorable (U). Aron AC Con Acquarity, FOH ved overhead 80 standard cost 50 landard quantity) Fomu Variano Drect materiale con variance (AQ-50) - SC Direct laboreiciency ance (AQ) - SC 1.120 UN Requirement 2. Journaline the purchase and usage of direct materials and the assignment of Grect labor, ncluding the related varian Record debit first, the credits Select the explanation on lastne of the journal entry table) Begin by journaling the purchase of direct materials, including the related variance (Prepare a single compound journal entry) Date Accounts and Explanation Debit Credit hacks $ 0.05 0.30 More info Direct Materials (0.250 25 per lb) Direct Labor (3 minutes 50.10 per minute) Manufacturing Overhead Variable (3 minutes $0.04 per minute) Fixed (3 minutes $0.14 per minute) $ 0.12 0.42 0.54 $ 0.89 Total Cost per Coffee Mug a. There were no beginning or ending inventory balances. All expenditures were on account b. Actual production and sales were 62,600 coffee mugs c. Actual direct materials usage was 10,000 lbs at an actual cost of $0.17 perib d. Actual direct labor usage was 199,000 minutes at a total cost of $25,870 e. Actual overhead cost was 56,965 variable and $33,935 fixed # Seling and administrative costs were $115,000 Print Done Requirements Print Done ment 2. Joumalize the the journal entry tab Journalizing the purch Accoun 1. Compute the cost and efficiency variances for direct materials and direct labor 2. Journalize the purchase and usage of direct materials and the assignment of direct labor, including the related variances 3. For manufacturing overhead, compute the variable overhead cost and officiency variances and the fixed overhead cost and volume variances 4. Journalize the actual manufacturing overhead and the allocated manufacturing overhead. Joumalize the movement of all production costs from Work in Process Inventory. Journalize the adjusting of the Manufacturing Overhead account 5. Smith intentionally hired more highly skilled workers during July. How did this decision affect the cost variances? Overall, was the decision wise? Clear all Check