Kyer manutactures cottee mugs that it selis to other companies for customiang with their cwn Actual cost and production information for July 2024 follows: logos. Kyler prepares flexible budgets and uses a standard cost system to control manufacturing (1) (Click the icon to view actual coat and production information.) costs. The standard unit cost of a collee mug is based on static budget volume of 59.900 coffee Read the tequitements; (Click the iocn to view the cost dita.) Requirement 1. Compute the cost and efficiency variances for direct materials and direct labor. Begin with the cont variances. Solect the required formulas, compute the cost vaciances for direct materials and direct labor, and identfy whether each variance is favorable (F) or unfivorable (U). (Abbreviations used: AC= actual cost AQ w actual quantsty; FOH = ficed onerhead; SC= standard cost, SQ = standard quantity) Data table Requirements 1. Compute the cost and effolency variances for direct materiats and direct labor. 2. Journalioe the purchase and usage of drict materiais and the asaignment of drect laboc, including the roiated variances. 3. Foe manufacturing orechesd, compule the variable overhead coot and etficiency variances and the fixed crechesd cost and volume variances. 4. Joumalize the achual manutacturing overtiead and the allocated frarufacturing everhesed. Journalite the movemert of all production costs from Work-in.Process linventory. Journalize the adjusting of the Manulacturing Overhead accourf. 5. Kylec intentionally hirod more highly skiled vorken during July. How did this decision allect the cost variances? Overall, was the decision wise? More info a. There were no beginning or ending imentory balances. Ar expenditures were on acookint. b. Actual production and sales were 62,600 coffee mugs. c. Actual direct materals usage was 10,000 bs. at an actual cost of 30.17 per lo. d. Actual srect tabor usage was 100,000 mriules at a tatal cost of $31,340. e. Actual creihead cost was $3,980 variable and $36,920 fised. f. Seting and adminitration costs were 5125,000 . Actual oost and poodection informaton for duly 2024 thiowi: (i) (Cick the isen in viow astiac oont and production iefomasicn.) foead the regurestenls. More info There were no beginting or ending inventory balatces. A expendt_res wain en acoount. b. Actual production and sales wert 62.100 cofee nugt. 6. Actaa dived matenda usbge was 10.000 ibs. at an achual coet of 50.17 por to. 1. Actual dinect iabor usage was 190.060 mndta a finted trile of 591,B40 4. Astial eveheal cost win $3,900 veruble and $36.920 food. f. Seting and astiriairative cots =ere 5126.000 Requirements Data table lateo. Kyler manufactures coffee mugs that it sells to other companios for custonizing aith their own Actual cost and producton informaton for July 2024 follows: logos. Kylor propares fexble budpots and uses a standard cost system to controi manutacturing costs. The standard unit cost of a collee reug is based on static bodget volume of 59.800 cottion (i) (Ciek the ioon to view actuat eost and production infornition) ifugs per montr: Read the requicements: iClick the icon to view tho oont data.) Requirement 1. Compute the cost and effciency varlances for diech materals and drect labot. Flegin with the cost variances. Select the required formulas, oompute the cost variances for sirect materials asd direct labor, and idently whiether each varianse is faverable if) or unfavoratie fif (Abbreviatons used: AC= actual cost: AO= actual quAnt Data table Requirements 1. Compute the cost and affolency vaiknees foe drect materials and dinct fabor. 2. Journaliz the purchase and usage of direct maserats and the atsigmert of drect tabor, hincluding the related variances. 3. Fer mansfacturng cvertase, corpute the varable oretead cost and emiciency variances and the fued overhead cest and voleres vafanons. 4. Joumalie the actual mandactiring ovened and the alocoded manulactureg overfiesa. Joumalize the movement of all production costs from Workin Prockss inventory Journalite the adualing of Eie Manflacturing Overhead acosunt. 5. Kyler intentionaly hired more highly solied woikers auting Jay. How die this decison affect the coit variances? Overat, was the decionon wise? Data table 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. Kyler intentionally hired more highly skilled workers during July. How did this decision affect the cost variances? Overall, was the decision wise? More info a. There were no beginning or ending inventory balances. All expenditures were on account. b. Actual production and sales were 62,600 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 199,000 minutes at a total cost of $31,840. e. Actual overhead cost was $3,980 variable and $36,920 fixed. f. Selling and administrative costs were $126,000. Kyler manufactures collee nuggs that it sells to other companies for cussomicing with ther own logos. Kyler prepares favible budgets and uses a standard cost system to control marufacturing Actual cost and production infomation for slaly 2024 folom: costs. The standed unit cost of a cottee mug is based on static budget volume of 59,900 coffee [1] icick the icon to vew actual cost and production intormation.] mugs per month: Read the reguitemonts. \{Click the kon to viow the cost datai] Phequirement 1. Compute the cost and efficiency variances for dieoct materials and drect labor