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Genie in a Bottle Company ( GBC ) manufactures plastic two - liter bottles for the beverage industry. The cost standards per 1 0 0

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:
Cost Category Standard Cost
per 100 Two-Liter
Bottles
Direct labor $1.42
Direct materials 4.98
Factory overhead 0.34
Total $6.74
At the beginning of July, GBC management planned to produce 580,000 bottles. The actual number of bottles produced for July was 626,400 bottles. The actual costs for July of the current year were as follows:
Cost Category Actual Cost for the
Month Ended July 31
Direct labor $8,717
Direct materials 30,446
Factory overhead 2,151
Total $41,314
Enter all amounts as positive numbers.
Question Content Area
a. Prepare the July manufacturing standard cost budget (direct labor, direct materials, and factory overhead) for WBC, assuming planned production.
Genie in a Bottle Company
Manufacturing Cost Budget
For the Month Ended July 31
Standard Cost at
Planned Volume
(580,000 Bottles)
Manufacturing costs:
Direct labor $fill in the blank b37c4ff99fa406b_1
Direct materials fill in the blank b37c4ff99fa406b_2
Factory overhead fill in the blank b37c4ff99fa406b_3
Total $fill in the blank b37c4ff99fa406b_4
Question Content Area
b. Prepare a budget performance report for manufacturing costs, showing the total cost variances for direct materials, direct labor, and factory overhead for July. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Round your answers to two decimal places.
Genie in a Bottle Company
Manufacturing Costs-Budget Performance Report
For the Month Ended July 31
Actual
Costs Standard Cost
at Actual
Volume (626,400
Bottles) Cost
Variance-
(Favorable)
Unfavorable
Manufacturing costs:
Direct labor $fill in the blank 9a4a7efdafc3023_1
$fill in the blank 9a4a7efdafc3023_2
$fill in the blank 9a4a7efdafc3023_3
Direct materials fill in the blank 9a4a7efdafc3023_4
fill in the blank 9a4a7efdafc3023_5
fill in the blank 9a4a7efdafc3023_6
Factory overhead fill in the blank 9a4a7efdafc3023_7
fill in the blank 9a4a7efdafc3023_8
fill in the blank 9a4a7efdafc3023_9
Total manufacturing cost $fill in the blank 9a4a7efdafc3023_10
$fill in the blank 9a4a7efdafc3023_11
$fill in the blank 9a4a7efdafc3023_12
Question Content Area
c. The Company's actual costs were
than budgeted.
direct labor and direct material cost variances more than offset a small
factory overhead cost variance.

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