Data Table Root prepares flexible budgets and uses a standard cost system to control manufacturing costs. The standard unit cost of a coffee mug is based on static budget volume of 60,100 coffee mugs per month $ 0.05 0.36 Direct Materials ( 0.2 lbs @ $ 0.25 per lb) Direct Labor (3 minutes @ $ 0.12 per minute) Manufacturing Overhead. Variable (3 minutes @ $ 006 per minute) $ Fixed ( 3 minutes @ $ 0.15 per minute) 0.18 0.45 $ 0.63 1.04 Total Cost per Coffee Mug nue Print Done do a s w ] = 9 Prepare the standard costing income statement for Ju and/or an operating loss Enter all other amounts as p 6 More Info a. There were no beginning or ending inventory balances. All expenditures were on account b. Actual production and sales were 62,800 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 201,000 minutes at a total cost of $30,150. Actual overhead cost was $9,045 variable and $31,755 fixed. Selling and administrative costs were $115,000. Print Done ntinue to the next question. Root calculated the following var A Reference Variance Direct materials cost variance Direct labor cost variance = $ = $ 800 F 6,030 U Variance Direct materials efficiency variance Direct labor efficiency variance F U VOH cost variance VOH efficiency variance = $ = $ = $ 640 = $ 1,512 Variance 3,015 F 756 U Variance 4,710 U 1,215 F FOH cost variance FOH volume variance = $ Print Done bext question. uestion mizin e follc Date Debit Credit Jul. 2,500 2018 sitiver 800 1,700 3.140 640 2,500 Accounts and Explanation Raw Materials Inventory Direct Materials Cost Variance Accounts Payable Purchased direct materials. Work-in-Process Inventory Direct Materials Efficiency Variance Raw Materials Inventory Used direct materials Work-in-Process Inventory Direct Labor Cost Variance Direct Labor Efficiency Variance Wages Payable Direct labor costs incurred. Manufacturing Overhead Various Accounts Manufacturing overhead costs incurred. 22,608 6,030 1,512 30,150 40,800 Jul. 40.800 Print Done 30,150 40.800 40,800 Jul. 39,564 39,564 Wages Payable Direct labor costs incurred. Manufacturing Overhead Various Accounts Manufacturing overhead costs incurred. Work-in-Process Inventory Manufacturing Overhead Manufacturing overhead costs allocated. Finished Goods Inventory Work-in-Process Inventory Completed goods transferred. Variable Overhead Efficiency Variance Fixed Overhead Cost Variance Variable Overhead Cost Variance Fixed Overhead Volume Variance Manufacturing Overhead To adjust Manufacturing Overhead. Jui. 65,312 65,312 Jul. 756 4,710 3,015 1,215 1,236 Print Done s tation For the Month Ended July 31, 2018 Sales Revenue Cost of Goods Sold at standard Manufacturing Cost Variances: Direct Materials Cost Variance Direct Materials Efficiency Variance Direct Labor Cost Variance Direct Labor Efficiency Variance Variable Overhead Efficiency Variance Variable Overhead Cost Variance Fixed Overhead Cost Variance Fixed Overhead Volume Variance Total Manufacturing Cost Variances Choose from any list or enter any number in the input fields and then continue to the next question. Type here to search H will their own logos NOJ IUI CUS (Click the icon to view the cost data.) Actual cost and production information for July 2018 follows: (Click the icon to view actual cost and production information.) Root's standard and actual sales price per mug is $5. Manufacturing Cost Variances: Direct Materials Cost Variance Direct Materials Efficiency Variance Direct Labor Cost Variance Direct Labor Efficiency Variance Variable Overhead Efficiency Variance Variable Overhead Cost Variance Fixed Overhead Cost Variance Fixed Overhead Volume Variance Total Manufacturing Cost Variances Cost of Goods Sold at actual Gross Profit Selling and Administrative Expenses Operating Income (Loss) Choose from any list or enter any number in the input fields and then continue to the next