Kyler manufactures coffee mugs that it sells to other companies for customizing with their own logos Click the icon to view the cost data.) Actual cost and production information for July 2024 follows: (Click the icon to view actual cost and production information.) Kyler's standard and actual sales price per mug is $8. Kyler calculated the following variances and recorded the following entries for July 2024 (Click the icon to view variances.) (Click the icon to view journal entries.) !!!!! Prepare the standard costing income statement for July 2024. (Use a minus sign or parentheses to enter any contra expenses and/or an operating loss. Enter all other amounts as positive numbers.) Kyler Standard Cost Income Statement For the Month Ended July 31, 2024 Gross Profit Operating Income (Loss) lick the icon to view the cost data.) cost and production information for July 2024 follows: lick the icon to view actual cost and production information.) standard and actual sales price per mug is $8. (Click the icon to view variances.) (Click the icon to view journal entries.) It! Prepare the standard costing income statement for July 2024. (Use a minus sig or parentheses to enter any contra expenses and/or an operating loss. Enter al other amounts as positive numbers.) Data table Kyler 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 60,000 coffee mugs per month: $ 0.05 0.30 Direct Materials (0.2 lbs @ $0.25 per lb) Direct Labor (3 minutes @ $0.10 per minute) Manufacturing Overhead: Variable (3 minutes @ $0.06 per minute) Fixed (3 minutes @ $0.15 per minute) Total Cost per Coffee Mug $ 0.18 0.45 0.63 $ 0.98 Print Done Profit ting Income (Loss) with their own logos Click the icon to view the cost data.) Actual cost and production information for July 2024 follows: (Click the icon to view actual cost and production information.) kyler's standard and actual sales price per mug is $8. July 2024 (Click the icon to view variances.) (Click the icon to view journal entries.) Prepare the standard costing income statement for July 2024. (Use a minus sig or parentheses to enter any contra expenses and/or an operating loss. Enter all other amounts as positive numbers.) Kyler = x More info a. There were no beginning or ending inventory balances. All expenditures were on account b. Actual production and sales were 62,700 coffee mugs. C. Actual direct materials usage was 10,000 lbs. at an actual cost of $0.17 per lb. d. Actual direct labor usage was 200,000 minutes at a total cost of $24,000. e. Actual overhead cost was $9,000 variable and $31,400 fixed. f. Selling and administrative costs were $108,000. Print Done Gross Profit Operating Income (Loss) (Click the icon to view journal entries.) al cost and production information for July 2024 follows: (Click the icon to view actual cost and production information.) r's standard and actual sales price per mug is $8. Prepare the standard costing income statement for July 2024. (Use a or parentheses to enter any contra expenses and/or an operating loss other amounts as positive numbers.) Kyler Standard Cost Income Statement For the Month Ended July 31, 2024 Reference Variance = $ Direct materials cost variance Direct labor cost variance 800 F 4,000 U = $ Variance $ 635 F Direct materials efficiency variance Direct labor efficiency variance $ 1,190 U Variance = $ VOH cost variance VOH efficiency variance 3,000 F 714 U = $ ss Profit Variance S FOH cost variance FOH volume variance 4,400 U 1,215 F $ rating Income (Loss) Print Done (Click the icon to view journal entries.) production information for July 2024 follows: icon to view actual cost and production information.) d and actual sales price per mug is $8. HD Prepare the standard casting income statement for July 2024. (Use a minus sign or parentheses to enter any contra expenses and/or an operating loss. Enter all other amounts as positive numbers.) X Reference Kyler Standard Coat Income Statement For the Month Ended July 31, 2024 Date Debit Credit Jul 2.500 800 1,700 3,135 635 2.500 Jul. 18.810 4.000 1.190 24,000 Jul. Accounts and Explanation Raw Materials Inventory Direct Materials Cost Variance Accounts Payable Purchased direct materials Work in Process Inventory Direct Materials Efficiency Variance Raw Materials Inventory Used vect materials Wark-in-Process Inventory Direct Labor Cast Variance Direct Labor Efficiency Variance Wages Payable Direct labor costs incurred. Manufacturing Overhead Various Accounts Manufacturing overhead costs incurred Work in Process Inventory Manufacturing Overhead Manufacturing overhead costs allocated Finished Goods Inventory Work in Process Inventory Completed goods transferred Variable Overhead Efficiency Variance Fixed Overhead Cost Variance Variable Overhead Cost Variance Fixed Overhead Volume Variance Manufacturing Overhead To adjust Manufacturing Overhead 40,400 40,400 ome (LOSS 39,501 39,501 Jul. 61.446 81,446 Jul. 714 4,400 3,000 1.215 899 Print Done