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: - X ing variances and recorded the following entries for July 2024. Reference Direct Materials (0.2 lbs @ $0.25 per lb) S 0.05 variances.) Direct Labor (3 minutes @ $0.11 per minute) 0.33 journal entries.) Manufacturing Overhead: Variance Variable (3 minutes @ $0.06 per minute) S 0.18 ing income statement for July 2024. (Use a minus sign or Direct materials cost variance = $ 880 F contra expenses and/or an operating loss. Enter all other Fixed (3 minutes @ $0.13 per minute) 0.39 0.57 ers.) Direct labor cost variance = $ 3,940 U 0.95 Total Cost per Coffee Mug $ Variance Direct materials efficiency variance = $ 375 F Direct labor efficiency variance = $ 1,045 U - X More info Variance VOH cost variance = $ 985 F VOH efficiency variance = S 570 U a. There were no beginning or ending inventory balances. All expenditures were on account Variance b. Actual production and sales were 62,500 coffee mugs. FOH cost variance = $ 6,443 U c. Actual direct materials usage was 11,000 lbs. at an actual cost of $0.17 per lb. FOH volume variance = $ 1,053 F 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. Print Done Print Done Gross Profit come (Loss)TE Date Accounts and Explanation Debit Credit Jul. Raw Materials Inventory 2,750 Direct Materials Cost Variance 880 Accounts Payable 1,870 Purchased direct materials. Jul. Work-in-Process Inventory 3,125 Direct Materials Efficiency Variance 375 Raw Materials Inventory 2,750 Used direct materials. Jul. Work-in-Process Inventory 20,625 Direct Labor Cost Variance 3,940 Direct Labor Efficiency Variance 1,045 Wages Payable 25,610 Direct labor costs incurred. Jul. Manufacturing Overhead 40,600 Various Accounts 40,600 Manufacturing overhead costs incurred. Jul. Work-in-Process Inventory 35,625 Manufacturing Overhead 35,625 Manufacturing overhead costs allocated. Print DoneTE used direct materials . Jul. Work-in-Process Inventory 20,625 Direct Labor Cost Variance 3,940 Direct Labor Efficiency Variance 1,045 Wages Payable 25,610 Direct labor costs incurred. Jul. Manufacturing Overhead 40.600 Various Accounts 40,600 Manufacturing overhead costs incurred. Jul. Work-in-Process Inventory 35,625 Manufacturing Overhead 35,625 Manufacturing overhead costs allocated. Jul. Finished Goods Inventory 59,375 Work-in-Process Inventory 59,375 Completed goods transferred. Jul. Variable Overhead Efficiency Variance 570 Fixed Overhead Cost Variance 6,443 Variable Overhead Cost Variance 985 Fixed Overhead Volume Variance 1.053 Manufacturing Overhead 4.975 To adjust Manufacturing Overhead. Print DoneMoss manufactures coffee mugs that it sells to other companies for customizing with their own Moss calculated the following variances and recorded the following entries for July 2024. logos. (Click the icon to view variances.) (Click the icon to view the cost data.) Actual cost and production information for July 2024 follows: (Click the icon to view journal entries.) i (Click the icon to view actual cost and production information.) Prepare the standard costing income statement for July 2024. (Use a minus sign or Moss's standard and actual sales price per mug is $3. parentheses to enter any contra expenses and/or an operating loss. Enter all other amounts as positive numbers.) Moss Standard Cost Income Statement For the Month Ended July 31, 2024 NextMoss manufactures coffee mugs that it sells to other companies for customizing with their own Moss calculated the following variances and recorded the following entries for July 2024. logos. (Click the icon to view variances.) (Click the icon to view the cost data.) Actual cost and production information for July 2024 follows: (Click the icon to view journal entries.) i (Click the icon to view actual cost and production information.) Prepare the standard costing income statement for July 2024. (Use a minus sign or Moss's standard and actual sales price per mug is $3. parentheses to enter any contra expenses and/or an operating loss. Enter all other amounts as positive numbers.) Gross Profit Operating Income (Loss)