Stenback manufactures coffee mugs that sells to other companies for customizing with their own logos Seback prepares feble 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 60,100 coffee mugs per month Actual cost and production inkomation for July 2024 t Click the can to sew actual a (Click the icon to view the cost data) Requirement 1. Compute the cost and efficiency valances for direct materials and direct labor Begin with the cost valances Select the required formulas, compute the cost variances for direct materials and dest labor, and Mently whether each variance is favorable) or unfavorable (3) Aond xed overhead SC standard cost 50 standard) Direct materials cost variance Select the required formulas, compute the efficiency valances for died materials and direct labor, and idently whether chance fee)brovised AC at AG-alty F SQ standard qualy Deect materials efficiency van Det labor efficiency valanc Formul Requirement 2. Jumalize the purchase and usage of direct materials and the assignment of direct later including the latest the the span o Begin by journaling the purchase of died materials including the related variance (Pasing comp CAD alganty FO Date Jul Accounts and Exp Cred Now jeunes the usage of did malas ning the related variance (Prepare a single compl wy) Date Acces and Explanation Dele Cell Submit qui Aan way