Rouse manufachures coffee mugs that it sells to other companies for custamizing with their own Actual cost and production information for July 2024 folows: logos. Rouse prepares fexple budgets and uses a standard cost system to control manulacturing costs. The standard unit cost of a coffee mug is bussed on static budget volume of 50,800soffe0 (1) (Clck the icon to view actual cost and production information.) muge per month Read the reguicemects. (Cliok the icon lo view the cost data.) Requirement 1. Compute the coot and efficiency variances for direct maserals and direct labor: Begin with the cost varanoes. Seloct the requined formulas, conpute the cost varianoes for direct materials and dired labor, and idently whother each variance is favorablo (F) or untavorable (U) (Abbreviatons used: AC = actial cont, AO = actual quantly; FOH n fond overhead: SO = standard cost SO= standard quarlity) Data table 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 10,000lbs. at an actual cost of $0.17 per lb. d. Actual direct labor usage was 198,000 minutes at a total cost of $29,700. e. Actual overhead cost was $4,950 variable and $35,550 fixed. f. Selling and administrative costs were $122,000. Requirements 1. Compute the cost and efficiency variances for direct materials and direct labor. 2. Journalize the purchase and usage of direct materials and the assignment of direct labor, including the related variances. 3. For manufacturing overhead, compute the variable overhead cost and efficiency variances and the fixed overhead cost and volume variances. 4. 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. 5. Rouse intentionally hired more highly skilled workers during July. How did this decision affect the cost variances? Overall, was the decision wise? Rouse manufactures collee mugs that it sells to other companies for oustomiring with thoir own Actual cost and production information for Juy 2024 folows logos. Rouse propares fexble budgot and uses a standaed cost system to control manufacturing costs. The standard unit cost of a coffee migg is basod on static budget volume of 59,600 coffee (i) (Click the icon to viow actual cont and production inlomation.) mugs per month: flead the tequirements (Click the icon to view the cost data.) Requirement 1. Compute the coot and efficiency variances for direct materiuls and direct laboe. Begin with the cost variances. Seleet the roquired formulas, compute the coat variances for diract materials and diroct labor, and idently whether each variance is tavorable (F) or unfavorable (U). (Abbreviations used: AC= actual cost AQ= actual quartiy; FOH = flued cvehead; 8C= standard cost; SQ= standard quantity? Data table 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 10,000lbs. at an actual cost of $0.17 per lb. d. Actual direct labor usage was 198,000 minutes at a total cost of $29,700. e. Actual overhead cost was $4,950 variable and $35,550 fixed. f. Selling and administrative costs were $122,000. Requirements 1. Compute the cost and efficiency variances for direct materials and direct labor. 2. Journalize the purchase and usage of direct materials and the assignment of direct labor, including the related variances. 3. For manufacturing overhead, compute the variable overhead cost and efficiency variances and the fixed overhead cost and volume variances. 4. 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. 5. Rouse intentionally hired more highly skilled workers during July. How did this decision affect the cost variances? Overall, was the decision wise? Rouse manufachures coffee mugs that it sells to other companies for custamizing with their own Actual cost and production information for July 2024 folows: logos. Rouse prepares fexple budgets and uses a standard cost system to control manulacturing costs. The standard unit cost of a coffee mug is bussed on static budget volume of 50,800soffe0 (1) (Clck the icon to view actual cost and production information.) muge per month Read the reguicemects. (Cliok the icon lo view the cost data.) Requirement 1. Compute the coot and efficiency variances for direct maserals and direct labor: Begin with the cost varanoes. Seloct the requined formulas, conpute the cost varianoes for direct materials and dired labor, and idently whother each variance is favorablo (F) or untavorable (U) (Abbreviatons used: AC = actial cont, AO = actual quantly; FOH n fond overhead: SO = standard cost SO= standard quarlity) Data table 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 10,000lbs. at an actual cost of $0.17 per lb. d. Actual direct labor usage was 198,000 minutes at a total cost of $29,700. e. Actual overhead cost was $4,950 variable and $35,550 fixed. f. Selling and administrative costs were $122,000. Requirements 1. Compute the cost and efficiency variances for direct materials and direct labor. 2. Journalize the purchase and usage of direct materials and the assignment of direct labor, including the related variances. 3. For manufacturing overhead, compute the variable overhead cost and efficiency variances and the fixed overhead cost and volume variances. 4. 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. 5. Rouse intentionally hired more highly skilled workers during July. How did this decision affect the cost variances? Overall, was the decision wise? Rouse manufactures collee mugs that it sells to other companies for oustomiring with thoir own Actual cost and production information for Juy 2024 folows logos. Rouse propares fexble budgot and uses a standaed cost system to control manufacturing costs. The standard unit cost of a coffee migg is basod on static budget volume of 59,600 coffee (i) (Click the icon to viow actual cont and production inlomation.) mugs per month: flead the tequirements (Click the icon to view the cost data.) Requirement 1. Compute the coot and efficiency variances for direct materiuls and direct laboe. Begin with the cost variances. Seleet the roquired formulas, compute the coat variances for diract materials and diroct labor, and idently whether each variance is tavorable (F) or unfavorable (U). (Abbreviations used: AC= actual cost AQ= actual quartiy; FOH = flued cvehead; 8C= standard cost; SQ= standard quantity? Data table 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 10,000lbs. at an actual cost of $0.17 per lb. d. Actual direct labor usage was 198,000 minutes at a total cost of $29,700. e. Actual overhead cost was $4,950 variable and $35,550 fixed. f. Selling and administrative costs were $122,000. Requirements 1. Compute the cost and efficiency variances for direct materials and direct labor. 2. Journalize the purchase and usage of direct materials and the assignment of direct labor, including the related variances. 3. For manufacturing overhead, compute the variable overhead cost and efficiency variances and the fixed overhead cost and volume variances. 4. 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. 5. Rouse intentionally hired more highly skilled workers during July. How did this decision affect the cost variances? Overall, was the decision wise