Preston Standard Cost Income Statement For the Month Ended July 31, 2024 Reference More info a. There were no beginning or ending inventory balances. All expenditures were on account. b. Actual production and sales were 62,800 coffee mugs. c. Actual direct materials usage was 10,000lbs. at an actual cost of $0.17 per lb d. Actual direct labor usage was 201,000 minutes at a total cost of $32,160. e. Actual overhead cost was $8,040 variable and $32,360 fixed f. Selling and administrative costs were $131,000. Preston prepares flexible budgets and uses a standard cost system to control manuLacturing costs. The standard unit cost of a coffee mug is based on static budget volume of 60,100 coffee mugs per month: Reference Preston Standard Cost Income Statement For the Month Ended July 31, 2024 Reference More info a. There were no beginning or ending inventory balances. All expenditures were on account. b. Actual production and sales were 62,800 coffee mugs. c. Actual direct materials usage was 10,000lbs. at an actual cost of $0.17 per lb d. Actual direct labor usage was 201,000 minutes at a total cost of $32,160. e. Actual overhead cost was $8,040 variable and $32,360 fixed f. Selling and administrative costs were $131,000. Preston prepares flexible budgets and uses a standard cost system to control manuLacturing costs. The standard unit cost of a coffee mug is based on static budget volume of 60,100 coffee mugs per month: Reference