explain each stop please

her companies for customizing with their own logos. Stenback ystem to control manufacturing costs. The standard unit cost of a 0 coffee mugs per month Actual cost and production information for July 2024 follows: (Click the icon to view actual cost and production Information) Read the requirements ances for direct mortals and direct labor mulas, com arances for direct materials and direct labor, and identity whether each variance is favorable (F) or untevorable (U). d cost: 80 = sana ndiy) A actual cost AQ Formula Variance Data Table More Info $ 0.05 0.39 Direct Materials (0.2 lbs 9025 per lb) Direct Labor (3 minutes @ $0.13 per minute) Manufacturing Overhead: Variable (3 minutes $0.06 per minute) Fored (3 minutes 50.14 per minute) a. There were no beginning or ending inventory balances. All expenditures were on account b. Actual production and sales were 62,900 coffee mugs. c. Actual direct materials usage was 10,000 lbs. at an actual cost of $0.17 per lo d. Actual direct labor usage was 202,000 minutes at a total cost of $30,300 e. Actual overhead cost was $9,000 variable and $31,610 food 1. Selling and administrative costs were $110,000 $ 0.18 0.42 0.60 5 Total Cost per Coffee Mug 1.04 Print Done Print Done Clear All Check Answer MacBook Pro DO VO % & 7 1 0 8 9 Homework: Week Six: Chapter 6 (managerial) Homework Problems Score: 0 of 3 pts PM6-28A (similar to) 5 of 63 complete) Stenback manufactures coffee mugs that selfs to other companies for customizing with their own logos Stenback 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 60,200 coffee mugs per month Click the icon to view the cost data) Actual cost and production Information for July 2024 follows Click the icon to low actual cost and production Information) Read the requirements. Requirement 1. Compute the cost and Piciency 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 labor, and identify whether each variance is favorable (F) or unfavorable (U). (Abbrevi actual quantity, FOH - find overhead, SC - standard cost 50 standard quantity) Formula Variance Requirements Directorials cost variance Direct labor con variance 1. Compute the cost and efficiency variances for direct materials and direct labor 2. Journal 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 located manufacturing overhead. Journalize the movement of all production costs from Work in Process Inventory. Journalize the adjusting of the Manufacturing Overhead account 5. Stenback intentionally hired more highly skilled workers during July. How did this decision afect the cost varlanos? Overall, was the decision wise? Done Print Choose from any stor enter any number in the input fields and then click Check Answer 12 parte remaining Clear All