Kylar manufactures coflioe mugs that it sols to other companies for customizing was their own logos. Kylat prepares flexible budgets and uses a standard oost system to control manutacturing Actual cost and production information for duly 2024 folows. costs. The standard unit coat of a coffee mug is based on static budgot volume of 59,900 coffee (Click the loon to viow actuat cost and production information.) mugs poe month: Read the reauirements. (Cick tha icon to view the cost date.) Requirement 4. Compule the cost and ellielency variances for drect malerias and direct labor. 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