Instructions 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 Direct labor Direct materials Factory overhead Total Standard Cost per 100 Two-Liter Bottles $2.00 9.60 0.50 $12.10 At the beginning of July, GBC management planned to produce 415,000 bottles. The actual number of bottles produced for July was 422,000 bottles. The actual costs for July of the current year were as follows Cost Category Direct labor Direct materials Factory overhead Total Actual Cost for the Month Ended July 31 $7,900 39,312 2,566 $49,778 Required: A. Prepare the July manufacturing standard cost budget (direct labor, direct materials, and factory overhead) for GBC, assuming planned production. 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. C. Interpret the budget performance report. Genie in a Bottle Company Budget Performance Report For the Month Ended July 31 Standard Cost at Actual Volume (422,000 Bottles) Cost Variance- Favorable) Unfavorable Manufacturing Costs Actual Costs 2 Direct labor 3 Direct materials 4 Factory overhead sTotal manufacturing costs C.Interpret the budget performance report. The Company's actual costs were $1,284 labor and direct material cost variances more than offset a small overhead cost variance