Middleton manufactures coffee mugs that it sells to other companies for customizing with their own logos. Middleton 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: Direct Materials (0.2 lbs. @AED 0.25 per lb.) Direct Labor (3 minutes @AED 0.14 per minute) AED 0.05 0.42 Manufacturing Overhead: Variable (3 minutes @AED 0.06 per minute) AED 0.18 Fixed (3 minutes @ AED 0.13 per minute) Total Cost per Coffee Mug 0.39 0.57 AED 1.04 Actual cost and production information for July 2018 follows: (15 Points) 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 11,000 lbs. at an actual cost of AED 0.17 per lb. d. Actual direct labor usage of 197,000 minutes at a cost of AED 33,490. e. Actual overhead cost was AED 10,835 variable and AED 29,965 fixed. f. Selling and administrative costs were AED 130,000. Requirements NUMERIC ANSWERS MUST BE FOLLOWED WITH space F for Favorable or space U for unfavorable for full credit. 1. Compute the Direct Materials Cost Variance AED (2 points) 2. Compute the Direct Materials Efficiency Variance AED (2 points) 3. Compute the Direct Labor Cost Variance AED discord.com is sharing your screen. Stop sharing Hide 4. Compute the Direct Labor Efficiency Variance AED 5. Compute the Variable Manufacturing Overhead Cost Variance AED (2 points) 5. Compute the Variable Manufacturing Overhead Cost Variance AED 6. Compute the Variable Efficiency Overhead Efficiency Variance AED 7. Compute the Fixed Manufacturing Overhead Cost Variance AED 8. Compute the Fixed Manufacturing Overhead Volume Variance AED (2 points) (2 points) (2 points) (1 points)