Stenback manufactures coffee mugs that it sells to other companies for customizing with their own logos. Stenback calculated the following variances and recorded the following entries for July 2018. i: (Click the icon to view the cost data.) Actual cost and production information for July 2018 follows: (1.) (Click the icon to view actual cost and production information.) Stenback's standard and actual sales price per mug Prepare the standard costing income is $4. statement for July 2018. (Use a minus sign or parentheses to enter any contra aYnancas andinr an nnaratinn Inse Fnfar all Data table 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 59,700 coffee mugs per month: \begin{tabular}{lrl} \hline Direct Materials (0.2lbs@$0.25 per lb) & $ & 0.05 \\ Direct Labor (3 minutes @ $0.12 per minute) & 0.36 \end{tabular} Manufacturing Overhead: Variable (3 minutes @ \$0.04 per minute) Fixed (3 minutes @ \$0.15 per minute) Total Cost per Coffee Mug More info a. There were no beginning or ending inventory balances. All expenditures were on account. b. Actual production and sales were 62,400 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 203,000 minutes at a total cost of $30,450. e. Actual overhead cost was $4,060 variable and $36,740 fixed. f. Selling and administrative costs were $126,000. Reference Reference Reference Stenback Standard Cost Income Statement For the Month Ended July 31, 2018 Gross Profit Operating Income (Loss)