EX 23-3 Budget performance report OBJ. 2 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: Standard Cost per 100 Two-Liter Bottles $ 2.00 Cost Category Direct labor Direct materials Factory overhead Total 9.10 0.55 $11.65 At the beginning of July, GBC management planned to produce 400,000 bottles. The actual number of bottles produced for July was 406,000 bottles. The actual costs for July of the current year were as follows: Cost Category Direct labor Direct materials Factory overhead Total Actual Cost for the Month Ended July 31 $ 7,540 35,750 2,680 $45,970 a. Prepare the July manufacturing standard cost budget (direct labor, direct materials, and factory overhead) for GBC, assuming planned production. b. Prepare a budget performance report for manufacturing costs, showing the total cost C. variances for direct materials, direct labor, and factory overhead for July. Interpret the budget performance report.