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Actual cost and production information for July 2024 folows: prepares fexele budgeta and uses a standard cost syspem to eontrol manulacturng costs. The standard unit eont of (Cick the icon io view actual oont and production ieflomation.) a cothe mug is sased on sutate budget velume of 60,000 cothle mugs per mordh: (Click the icon to ven the cost dista] Fead the Data table More info a. Thene were no begineing or tending imventory balances. Al expendinures were on mocosnt b. Actum troducton and sales were 62.700 coflee mugs. 6. Actusi drect materias usape was 10,000 los. at an achual cost of 50.17 per th. d. Actual direct labor usage was 200.000 minutes at a fotal cost of 520.000 . 4. Actual oventead cost was $4,000 variable and $36,700 faod 1. Solling and adminitrative costa were $123.000. Requirement 1, Compule the cont mad effoency variances for drect materala and divect labor Begin by joumalzing the purchase of drect malerials, including the related variance. (Propare a ningle compound joumal entry) Requirement 3. For manutacturing overhesd, compule the variable overhead cost and effiency varanoes and the fored overheod cost and volume variances. quanity: VOH = variable overhead ) mutbctures cofted mugs that it sells to other companies for customiaing wah their own logos. Mckkight Joumalive the appled mantacturing overhesd. Actual cost and production information for July 2024 folows: joumalio the movement of al production foon Workin Process inventory. Joumalioe the as/usting of the Manuticturing Overhesd acoount. (Frepare a single compound jourbal entry?) Aequirement s, Mcknight intentonaly hiked more Highly aliled workars durng Jlly. How did thin Gecibon aflect the coet variances? Overal, wat the deciben wise? Hers more wiliod, higher paid labor led to drect laber con viriance. Given the Gesc lator ehciensy variance, it apsea that these more skiled workars performed eficienty The everat net afted is thus managemerks decision was Actual cost and production information for July 2024 folows: prepares fexele budgeta and uses a standard cost syspem to eontrol manulacturng costs. The standard unit eont of (Cick the icon io view actual oont and production ieflomation.) a cothe mug is sased on sutate budget velume of 60,000 cothle mugs per mordh: (Click the icon to ven the cost dista] Fead the Data table More info a. Thene were no begineing or tending imventory balances. Al expendinures were on mocosnt b. Actum troducton and sales were 62.700 coflee mugs. 6. Actusi drect materias usape was 10,000 los. at an achual cost of 50.17 per th. d. Actual direct labor usage was 200.000 minutes at a fotal cost of 520.000 . 4. Actual oventead cost was $4,000 variable and $36,700 faod 1. Solling and adminitrative costa were $123.000. Requirement 1, Compule the cont mad effoency variances for drect materala and divect labor Begin by joumalzing the purchase of drect malerials, including the related variance. (Propare a ningle compound joumal entry) Requirement 3. For manutacturing overhesd, compule the variable overhead cost and effiency varanoes and the fored overheod cost and volume variances. quanity: VOH = variable overhead ) mutbctures cofted mugs that it sells to other companies for customiaing wah their own logos. Mckkight Joumalive the appled mantacturing overhesd. Actual cost and production information for July 2024 folows: joumalio the movement of al production foon Workin Process inventory. Joumalioe the as/usting of the Manuticturing Overhesd acoount. (Frepare a single compound jourbal entry?) Aequirement s, Mcknight intentonaly hiked more Highly aliled workars durng Jlly. How did thin Gecibon aflect the coet variances? Overal, wat the deciben wise? Hers more wiliod, higher paid labor led to drect laber con viriance. Given the Gesc lator ehciensy variance, it apsea that these more skiled workars performed eficienty The everat net afted is thus managemerks decision was