Data table Requirements 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 efficiency variances and the fixed overhead cost and volume variances. 4. Journalize the actual manufacturing overhead and the allocated manufacturing overhead. Journalize the movement of all production costs from Work-in-Process Inventory. Journalize the adjusting of the Manufacturing Overhead account. 5. Rouse intentionally hired more highly skilled workers during July. How did this decision affect the cost variances? Overall, was the decision wise? ute the cost and efficiency variances for direct materials and direct ances. Select whether eact I quantity; FOr Requirement 2. Joumalize the purchase and usage of direct materials and the assignmen the related variances. (Record debits first, then credits. Select the explanation on the last entry table.) jouI Rouse manulachires collee mugs that in sells to other Actual cost and production information for July companies for customizing with their awn logos. Rouse 2024 follows: prepares flewible budgets and uses a standard cost system to control manufacturing costs. The standand unit (1. tClick the icoe to view actust eosi ardet cost of a coflee mug is based on stafic budget volume of productupa information.) 59,900 cotlee mugs per manth: Read the regirefteth. Requirement 1. Compute the cost and atficiency varances for derect materiats and drect lator. Begin with the cost varances. Select the required formsias. compule the cost variances for direct matenals and direct laber, and identify whether each variance is favoeable (F) or untaverable (U). (Ahbreviations uted: AC = actual cost, AC = actual quantity. FOH = fored ovechead; SC = standard cost; $Q = standard quantey.) Select the required formulas, compute the ethciency variances for dieect makerials and direct labor, and identify whether each variance is tavorable (F) or untavorable (U). 4Aterevations uned: AC = achual cost, AO = actual quantity, FOH w foced overthesd: SC w standard cost: 50 a standard cuahtity.) Requirement 2. Joumatce the purchase and usage of direct materiais and the assignment of direct labot, including the related variances. (Record debits first, then credis. Solect the explanafioh on the last line of the fournal entry table. Begin by joumalzirg the purchase of drect maberals, inclusing the relosed variance. (Prepare a singie compound jowenal entry. Now, joumalize the usage of direct materials, incloding the related variance. (Prepare a single compound founn entry) Joumalize the incurfance and assignment of direct labor costs, induding the telaled variances. Fiepace a single compound journal entry.) Requirement 2 . For menufacturivg overheod, oomcole the varable overtead cont and atficiency variances and the foed oveitead cost and vitume valances overhead coet mo eficiency varionces. and identhy ahether each variance is touorable of or untavorabie (U) standand cuanthy, Vott o karable erethead. Now comoule tio foed overhesd cost and volunw varianowe Shled the nogund lomules, conpule the faed standard euisth. the movenent of all production conts from Workin Fiocese inventory. Joumulas the alfunting of the Manufactung Joumalie the appled mandacturng overhed Joumatos the movenert of al sroduction trom Won in Process inventor cost viriances? Overath, was the decision wise? Hring more-akiled, higherpaid iabor led to direct laber coet watiance Given the dirnet labor eficiency warance, it aspear that inese moreskiled warken perturned efficienty The overal nef efect is . Bus mahepements decilion wat Rouse manufactures coffee mugs that it sells to other Actual cost and production information for July 2024 companies for customizing with their own logos. Rouse prepares follows: flexible budgets and uses a standard cost system to control manufacturing costs. The standard unit cost of a coffee mug is (Click the icon to view actual cost and production based on static budget volume of 59,900 coffee mugs per information.) month: Read the requirements. (Click the icon to view the cost data.) 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 10,000lbs. at an actual cost of $0.17 per lb. d. Actual direct labor usage was 199,000 minutes at a total cost of $25,870. e. Actual overhead cost was $10,945 variable and $29,755 fixed. f. Selling and administrative costs were $123,000