Kyler manufactures coffee mugs that it sells to other companies for customizing with their own logos. 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 59,900 coffee mugs per month: (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.) Read the Data table Requirement 1. Compute the cost and efficiency variances for direct materials and direct labor. Begin with the cost variances. Select the required formulas, compute the cost variances for direct materials and direct labor, and identify whethe quantity; FOH = fixed overhead; SC = standard cost; SQ = standard quantity.) Select the required formulas, compute the efficiency variances for direct materials and direct labor, and identify whether each variance is favoral overhead; SC = standard cost; SQ = standard quantity. ) 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 $0.17perlb. d. Actual direct labor usage was 199,000 minutes at a total cost of $23,880. e. Actual overhead cost was $4,975 variable and $35,725 fixed. f. Selling and administrative costs were $110,000