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 $1.54 Direct materials 6.32 Factory overhead 0.42 Total $8.28 At the beginning of July, GBC management planned to produce 520,000 bottles. The actual number of bottles produced for July was 561,600 bottles. The actual costs for July of the current year were as follows: Actual Cost for the Cost Category Month Ended July 31 Direct labor $8,476 Direct materials 34,641 Factory overhead 2,382 Total $45,499 Enter all amounts as positive numbers. 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(520,000 Bottles) Manufacturing costs: Direct labor Direct materials Factory overhead Total 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. If required, round your answers to nearest cent. Genie in a Bottle Company Manufacturing Costs-Budget Performance Report For the Month Ended July 31 Cost Actual Standard Cost at Actual Volume(561,600 Variance- Costs Bottles) (Favorable) Unfavorable Manufacturing costs: Direct labor Direct materials Factory overhead Total manufacturing cost c. The Company's actual costs were $1001.48 than budgeted. direct labor and direct material cost variances more than offset a small cost variance. factory overhead