Simh manufactures collee mugs that it sells to ofrer companies for cuatomizing with their own logos. Smith preparea flexible budgets and uses a standard cost system to conted manufactirthy mugh per rienth. (Click the icon to view the cost datas) Actual cost and production information for July 2024 follows: (1. (Ciick the icon to verw actual opst and production information.) Rond the movirnents. Requirements 1. Compute the cost and effeiency variances for direct materlain and dinet laber. 2. Journatite the purchase and usage of diect malerits and the astipment of direct labor, including the related variances. 3. For munuacturing overhead, compute the varaele overteud cout and efficincy variances and the fread overtead cost and volume variances 4. Jounative the actual manutacturing overhead and the ahocated Orenead accoune Requirsment 1. Compute the cost and efficiency vasiances for direct materia's and diroct laboe the last line of the poumal antry tsole). Now, joumalite the usage of droct materials, including the related variance i Pranam n...-lo compound joumat entry.) Lequirment a. For manufacturing overhead, compule the variable everhead cost and efficlency variances and the fixed overtiead coat and volume variances Smath manufactures coffee mugs that it sols to other companies for cutlomaing with their own Actual cost and production information for July 2024 follows Requirement 4. Joumalize the actuai manufacturng oworhead and the allocated manulacturing overhead. Joumalze the movement of al producten costs from Work-in. Process inventory. Journatize the adjusting of the Manufacturing Overhead account. (Record debits frst, then crediss. Seloct the explanation on the last line of the journal entry table) Begin by purnalizing the ontry to show the actual manufacturing overhead costs incurrod: Journalize the applied manufacturing overhend. Journalize the adjusing of the Manufacturing Ovorhead account. (Prepare a single compound joumal entry). Requirement 5. Smith intentionally hired more highly skillod workers during July. How did this decision affect the cost variances? Overall, was the decision wise? Hiring more-skilled, higher-paid labor led to performed efficiently. direct labor cost variance. Given the direct labor efficiency variance, it appear that these more-skilled workars The overali net eflect is thus management's decision was