Juda manufactures coffee mugs that it sells to other companies for customizing with their own logos. Juda 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 59,800 coffee mugs per month: (Click the icon to view the cost data.) Data table More info a. There were no beginning or ending inventory balances. All expenditures were on account. b. Actual production and sales were 62,500 coffee mugs. c. Actual direct materials usage was 10,000lbs, at an actual cost of $0.17 per lb. d. Actual direct labor usage was 198,000 minutes at a total cost of $27,720. e. Actual overhead cost was $8,910 variable and $31,890 fixed. f. Selling and administrative costs were $123,000. Requirements 1. Compute the cost and efficiency variances for direct materials and direct labor. 2. Journalize the purchase and usage of direct materials and the assignment of direct labor, including the related variances. 3. For manufacturing overhead, compute the variable overhead cost and efficiency variances and the fixed overhead cost and volume variances. 4. Journalize the actual manufacturing overhead and the allocated manufacturing overhead. Journalize the movement of all production costs from Work-in-Process Inventory. Journalize the adjusting of the Manufacturing Overhead account. 5. Juda intentionally hired more highly skilled workers during July. How did this decision affect the cost variances? Overall, was the decision wise? Requirement 1 . Compute the cost and efficiency vanances for drect matena's and diect labor Begn wth the cost vanances Soloct tho required formitas, compute the cost variances for diect materials and drect labol, and identily whether each varance is favorabie (F) or Select the required formulas, compute the efficiency vafunces for drect matenals and droct labor, and identify whesher each vanance is tavorabie (F) or untavorable (U) (Abbreviabons used. AC= actual cost, AQ= actual quantity; FOH = fixed overthead, SC= standard cost; SQ= atandacd quantity) explarustion on the last line of the joursal entry table) Requirement 2. Joumalize the purchase and usage of direct materials and the assignment of droct labo, including the related variances: (Record debits finst, then credits: Select fine explantion on the last line of the journal entry tabio) Begin by fournalring the purchase of droct matenals, including the related vanance. (Propare a single compound jourral entey) Journaize the incurrance and assignment of direct labor costs, including the related vanances. (Prepare a single compound journal entry) \begin{tabular}{|c|c|c|c|} \hline Date & Accounts and Explanation & Debit & Crodit \\ \hline \multicolumn{4}{|l|}{ Ju. } \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} Requirement 3. For manulacturing overhead, compute the variable overtread cost and efficiency vanances and the fixed ovethend cost and volume variances. Begn wth the vaviablo ovechad cost and elficiency vanancos. Seloct the requred formulas, compule tho varable overhoud coat and efficiency varances, and idertify whether each