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Rouse manufactures coffee mugs that it sells to other companies for customizing with their own logos. Rouse prepares flexible budgets and uses a standard cost system to control manufacturing costs. The standard unit cost of a coffee mug is based on static budget volume of 59,700 coffee mugs per month. (Click the icon to view the cost data.) Requirement 1. Compute the cost and efficiency variances for direct materials and direct labor Actual cost and production information for July 2024 follows O (Click the icon to view actual cost and production information.) Read the Leguirements_ Begin with the cost variances. Select the required formulas, compute the cost variances for direct materials and direct labor, and identify whether each variance is favorable (F) or unfavorable (U) (Abbreviations used: AC = actual cost; AQ = actual quantity; FOH fixed overhead; SC = standard cost; SQ = standard quantity.) Variance Direct materials cost variance Direct labor cost variance Formula (AQ - SQ) SC Select the required formulas, compute the efficiency variances for direct materials and direct labor, and ident' SQ = standard quantity.) Direct materials efficiency variance Direct labor efficiency variance Formula Variance Data table Direct Materials (0.2 lbs @ SO.25 per lb) Direct Labor (3 minutes @ SO. 12 per minute) Manufacturing Overhead: Variable (3 minutes @ $0.04 per minute) Fixed (3 minutes @$0.15 per minute) Total Cost per Coffee Mug More info s s 0.12 0.45 s 0.05 0.36 0.57 0.98 al quantity; FOH = fixed overhead; SC = standard cost; oumal entry table.) Requirement 2. Journalize the purchase and usage of direct materials and the assignment of direct labor, incl Begin by journalizing the purchase of direct materials, including the related variance. (Prepare a single com Date Jul. Accounts and Explanation Direct Materials Cost Variance Accounts Payable Debit Credit Purchased direct materials Now, journalize the usage of direct materials, including the related variance (Prepare a single compound jo a. b. c. d. e. There were no beginning or ending inventory balances. All expenditures were on account Actual production and sales were 62,400 coffee mugs. Actual direct materials usage was 10,000 lbs. at an actual cost of SO. 17 per lb. Actual direct labor usage was 203,000 minutes at a total cost of $28,420. Actual overhead cost was $6,075 variable and $36, 725 fixed. Selling and administrative costs were S98,000