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Score: 0.06 of 1 pt 2 of 2 (2 complete) HW Score: 53.21%, 1.06 of 2 pts n Help Data Table More Info a. There were no beginning or ending inventory balances. All expenditures were on Direct Materials 0.2 lbs Direct Labor Manufacturing Overhead: 0.25 per lb) $ 0.05 account. Actual production and sales were 62,800 coffee mugs Actual direct materials usage was 10,000 lbs. at an actual cost of $0.17 per lb. Actual direct labor usage was 201,000 minutes at a total cost of $28,140 Actual overhead cost was $10,050 variable and $30,850 fixed Selling and administrative costs were $98,000 3 minutes @ 0.12 per minute) 0.36 b. c. d. e. f. Variable 3 minutes S 0.06 per minute) 0.18 ations used: 0.42 0.60 3 minutes@0.14 per minute)H Fixed rd $ 1.01 Total Cost per Coffee Mug Print Done Requirements 1. Compute the cost and efficiency variances for direct materials and direct labor Journalize the purchase and usage of direct materials and the assignment of direct labor, including the related variances. For manufacturing overhead, compute the variable overhead cost and efficiency variances and the fixed overhead cost and volume variances. Journalize the actual manufacturing overhead and the allocated manufacturing overhead. Journalize the movement of all production costs from Work-in-Process Inventory. Journalize the adjusting of the Manufacturing Overhead account 2. 3. 4. 5. Stenback intentionally hired more highly skilled workers during July. How did this decision affect the cost variances? Overall, was the decision wise? Print Done