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 $1.48 Direct materials 4.92 Factory overhead 0.28 Total $6.68 At the beginning of July, GBC management planned to produce 590,000 bottles. The actual number of bottles produced for July was 637,200 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 $9,242 Direct materials 30,598 Factory overhead 1,802 Total $41,642

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 March 31

Standard Cost at Planned Volume (590,000 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. Round your answers to two decimal places.

Genie in a Bottle Company

Manufacturing Costs-Budget Performance Report

For the Month Ended March 31

Actual Costs Standard Cost at Actual Volume (637,200 Bottles) Cost Variance- (Favorable) Unfavorable

Manufacturing costs:

Direct labor $ $ $

Direct materials

Factory overhead

Total manufacturing cost $ $ $

c. The Company's actual costs were $922.96 than budgeted. direct labor and direct material cost variances more than offset a small factory overhead cost variance