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logoa. Root prepares flexitle budgets and uses a standard cost system to control manutacturing cosss. The otandard unit cost of a colfee mug is based on static budget volume of 60,100 colloe mugs per month Click the icon to view the onat data.) Actual cost and production information for July 2024 follows fiClick the icon to view actinel cost end prodiction information.) Revad the tithuinementi. Requirement 1. Compute the cost and efficiency variances for direct materlats and direct labor. Begin wath the cost variancm. Solect the required formulas, compute the cost varisucha for diect matenats and direct tabor, and identify wheiner each variance is favoratie (F) or unfavorable (U). this lasi hine of eve porria entry table? Root manufactures coffee mugs that it sells to other companies for customizing with their own Root manufactures colfee mugs that it selis to other comparies for custornzing with thair own Actual cost and production information for July 2024 follows: Requilrement 3. For manutacturing overhead, compute the varable overtiead coot and efficiency variances and the fued overthead coet and volume variances. Begin with the variable overhead cost and etficiency variances. Select the required formulas, compute the variable overhead cost and efficiency variances, and identify whether each varance is Begin by purnaling the anlry to show the actuad manuftacturing ovirhesd coets incurned. Root manufactures collee mugs that it sells to other companies for customizing with their own [3) Actual cost and production information for July 2024 follows: Journalize the applied manufacturing overhead. Journalize the movement of al production from Work-in-Process inventory. ot manulactures coffee mugs that is selis to other companies for cuetomizing with their own (4) Actual cost and production intormation for duly 2024 follow5 umaize the movement of all production from Work:in-Process ifventory Wumalize the adjusting of the Manufacturing Overheas accoum. (Propore a single compound joumal entry) Requirement 5. Root intaritionally hired more highy skilled workers during July, How ded this decision aflact the cost yarances? Overal, was the deeision wase? Miring more-skilled, higher-paid laboc led to direct labor cost variance. Given the direct labor effiency watiance of Derformed efficiently. The overall net effect is thus managamentri decision wat Poot manufactures coffee mugs that if solly to other comparies for custemizing with thar own. logos. Poot prepares flexithle budgets and uses a atandatd cost aystem to contiol manulacturing. costs. The standard unit cost of a coffee reug in based on stafic budget volume of 60,100 coffer muge per month: (Click the leon to virve the cost data.) More info a. There were no begitning a anding inventory beancet Al axpenseurns wern on acrepuint. b. Acta probuston and sales wer 62,500 onftee mugs. C. Actual drect malerials usage was 10.000 its at an achue cost of 50.17 fer in a. Artual ovevered coel wes 10,045 varubin osd 131,756 twed 1. Eleling and atmiviateative oods were 1125,004