Moss manufactures collee mugs that it sells to other companies for customicing 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 viow 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 vew variances) (Click the icon to viow joumal entries) Prepare the standard costing income statement for July 2024 (Use a minus sign or parentheses to entor any contra expenses andor an operating loss. Entor all other amounts as posifive numbers ) 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: 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 11,000lbs. 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. f. Selling and administrative costs were $95,000. Reference Reference Reference Gross Profit Operating Income (Loss) Cost of Goods Sold at actual Cost of Goods Sold at standard Direct Labor Cost Variance Direct Labor Efficiency Variance Direct Materials Cost Variance Direct Materials Efficiency Variance Direct iveatenais Cinciency vanance Fixed Overhead Cost Variance Fixed Overhead Volume Variance Manufacturing Cost Variances: Sales Revenue Selling and Administrative Expenses Total Manufacturing Cost Variances Variable Overhead Cost Variance Variable Overhead Efficiency Variance