On list 16 Stenback manufactures coflee mugs that it sells to other companias for customizing with their own logos. Stenback 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; 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 whether each varianco is favorable (F) or unfavorabie (U) (Abbreviations used: AC= actual cost; AQ= actual quantity; FOH= fixed overhead; SC= standard cost; SQ= standard quantity.) estion 4 uestion 5 Select the required formulas, compute the efficiency variances for direct materlals and direct labor, and identify whether each variance is favorable (F) or unfavorablo (U). (Abbreviations usad AC = actual cost; AQ= actual quantity; FOH= fixed overhead; SC= standard cost; SQ= standard quantity.) tenback manufactures coffee mugs that it sells to other companies for customizing with their wn logos. Stenback prepares flexible budgets and uses a standard cost system to control nanufacturing costs. The standard unit cost of a coffee mug is based on static budget volume of Actual cost and production information for July 202 9,800 coffee mugs per manthu (Click the icon to Data table Requirement 1. Comp Begin with the cost va (Abbreviations used: A dentify whether each variance is Direct materials cost Direct labor cost varia Select the required formulas, compute the efficiency variances for direct materials and direct labor, and identify whether each variance is favorable (F) or unfavorable actual cost; AQ= actual quantity; FOH= fixed overhead; SC= standard cost; SQ= standard quantity.) Stenback manufactures coffee mugs that it selis to other companies for customizing with their Actual cost and production information for July 2024 follows: own logos, Stenback prepares flexible budgets and uses a standard cost system to control (Click the icon to view actual cost and production information.) manufacturing costs. The standard unit cost of a coffee mug is based on static budget volume of 59,800 coffee mugs per month: Read the requirements. More info a. There were no beginning of ending inventory balances. All expenditures were on account. b. Actual production and sales were 62,500 coffee mugs. c. Actual direct materials usage was 10,000lbs. at an actual cost of $0.17perlb. d. Actual direct labor usage was 198,000 hinutes at a total cost of $23,760. e. Actual overhead cost was $8,910 variable and $31,790 fixed. Requirement 1. Co f. Selling and administrative costs were $115,000. Begin with the cost (Abbreviations used) Direct materials cos Direct labor cost va Select the required formulas, compute the efficiency varlances for direct materials and direct labor, and identify whether each variance is favorable (F) or unfavorable (U). (Abbroviafians used: AC = actual cost; AQ= actual quantily; FOH= fixed overhead; SC= standard cost, SQ= standard quantity.)
