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 $1.18 Direct materials 5.96 Factory overhead 0.4 Total $7.54 At the beginning of July, GBC management planned to produce 700,000 bottles. The actual number of bottles produced for July was 756,000 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 $8,742 Direct materials 43,976 Factory overhead 3,054 Total $55,772 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 (700,000 Bottles) Manufacturing costs: Direct labor $fill in the blank a0af41ff9fa0fae_1 8,260 Direct materials fill in the blank a0af41ff9fa0fae_2 41,720 Factory overhead fill in the blank a0af41ff9fa0fae_3 2,800 Total $fill in the blank a0af41ff9fa0fae_4 52,780 Feedback Compare the actual costs with the standard cost at actual volume for direct labor, direct materials, and overhead. Identify the cost variance as favorable (actual less than standard) or unfavorable (actual greater than standard). Review the concepts of favorable and unfavorable variances. 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 (756,000 Bottles) Cost Variance- (Favorable) Unfavorable Manufacturing costs: Direct labor $fill in the blank f7a49a022044069_1 8,920.80 $fill in the blank f7a49a022044069_2 7,540 $fill in the blank f7a49a022044069_3 1,380.80 Direct materials fill in the blank f7a49a022044069_4 45,057.60 fill in the blank f7a49a022044069_5 35,750 fill in the blank f7a49a022044069_6 9,307.60 Factory overhead fill in the blank f7a49a022044069_7 3,024 fill in the blank f7a49a022044069_8 2,680 fill in the blank f7a49a022044069_9 344 Total manufacturing cost $fill in the blank f7a49a022044069_10 57,002.40 $fill in the blank f7a49a022044069_11 45,970 $fill in the blank f7a49a022044069_12 11,032.40