EX 8-3 Budget performance report Obj. 2 Genie in a Bottle Company (GBC) manufactures plastic two-liter bottles for the beverage in- dustry. The cost standards per 100 two-liter bottles are as follows: Standard Cost per 100 Two-Liter Cost Category Bottles Direct labor $ 2.00 Direct materials 9.10 Factory overhead 0.55 Total $11.65 (Continued)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 cur- rent year were as follows: Actual Cost for the Cost Category Month Ended July 31 Direct labor 5 7,540 Direct materials 35,750 Factory overhead 2,680 Total $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 vari- ances for direct materials, direct labor, and factory overhead for July. C. a_r Interpret the budget performance report