Moss 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: i (Click the icon to view actual cost and production information.) Moss's standard and actual sales price per mug is $3. Moss 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.) Gross Profit Moss Standard Cost Income Statement For the Month Ended July 31, 2024 Data table Moss 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 @ $0.25 per lb) Direct Labor (3 minutes @ $0.11 per minute) Manufacturing Overhead: $ 0.05 0.33 Variable (3 minutes @ $0.06 per minute) Fixed (3 minutes @ $0.13 per minute) 0.18 0.39 0.57 $ 0.95 Total Cost per Coffee Mug More info 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 $0.17 per lb. d. Actual direct labor usage was 197,000 minutes at a total cost of $25,610. e. Actual overhead cost was $10,835 variable and $29,765 fixed. Help me solve this Etext pages Get more help - f. Selling and administrative costs were $95,000. lear all 1 Check answer