Sterback manufactures coffee mugs that it is to other companies for customizing with their own logos milk the icon to view the cost data) Actual cost and production Information for July 2018 follows: Click the icon to view actual cost and production Information.) Sherback's standard and actual sales price per mug is $7 Stenback calculated the following variances and recorded the flowing entries for July 2018 (Click the icon to view variances.) (Click the icon to view jumal entries.) Prepare the standard costing income statement for July 2018. (Use a minha sign or parentheses to enter any core expenses and an operating Enteral other amounts as positive numbers) Stenback Standard Cost Income Statement For the Month Ended July 31, 2018 Choose from a list of enterrumber in the input folds and then continue to the nation ustomizing with their own logos. Stenback calculated the following variances and (Click the icon to view variances.) (Click the icon to view journal entries.) i Data Table it for - X per a 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 60,000 coffee mugs per month: $ 0.05 0.36 Direct Materials ( 0.2 lbs @ $ 0.25 per lb) Direct Labor (3 minutes @ $ 0.12 per minute) Manufacturing Overhead: Variable (3 minutes @ $ 0.06 per minute) $ Fixed (3 minutes @ $ 0.15 per minute) 0.18 0.45 0.63 Total Cost per Coffee Mug $ 1.04 Print Done then continue to the next question. tenbac alculated the following variances and recorded the fo (Click the icon to view variances.) (Click the icon to view journal entries.) tion.) Prepare the standard costing income statement for July 2018. (U. expenses and/or an operating loss. Enter all other amounts as po 0 More Info Statement ly 31, 2018 a. There were no beginning or ending inventory balances. All expenditures were on account. b. Actual production and sales were 62,700 coffee mugs. c. Actual direct materials usage was 10,000 lbs. at an actual cost of $0.17 per lb. d. Actual direct labor usage was 200,000 minutes at a total cost of $30,000. e. Actual overhead cost was $10,000 variable and $30,800 fixed, f. Selling and administrative costs were $130,000. Print Done customizing with their own logos. Stenback calculated the following variances and re (Click the icon to view variances.) ptries.) i Reference statement for Enter all other Variance = $ 800 F Direct materials cost variance Direct labor cost variance = $ 6,000 U 18 Variance 635 F Direct materials efficiency variance Direct labor efficiency variance = $ 1,428 U Variance VOH cost variance = $ 2,000 F VOH efficiency variance = $ 714 U Variance FOH cost variance = $ 3,800 U 1,215 F FOH volume variance = $ Print Done d then continue to the next question. Reference Ided the f Date Debit Credit ly 2018. ( punts as Jul. 2,500 800 1,700 Jul. 3,135 635 2,500 Accounts and Explanation Raw Materials Inventory Direct Materials Cost Variance Accounts Payable Purchased direct materials. Work-in-Process Inventory Direct Materials Efficiency Variance Raw Materials Inventory Used direct materials Work-in-Process Inventory Direct Labor Cost Variance Direct Labor Efficiency Variance Wages Payable Direct labor costs incurred. Manufacturing Overhead Various Accounts Manufacturing overhead costs incurred. Jul. 22,572 6,000 1,428 30,000 Jul. 40,800 40,800 ng Print Done i Reference |ded the foll 1,428 30,000 lly 2018. (Us punts as pos Jul. 40,800 40,800 m Jul. 39,501 39,501 Direct Labor Efficiency Variance Wages Payable Direct labor costs incurred. Manufacturing Overhead Various Accounts Manufacturing overhead costs incurred. Work-in-Process Inventory Manufacturing Overhead Manufacturing overhead costs allocated. Finished Goods Inventory Work-in-Process Inventory Completed goods transferred. Variable Overhead Efficiency Variance Fixed Overhead Cost Variance Variable Overhead Cost Variance Fixed Overhead Volume Variance Manufacturing Overhead To adjust Manufacturing Overhead. Jul. 65,208 65,208 Jul. 714 3,800 2,000 1.215 1,299 Is ang Print Done MacBook Pro expenses and/or an operating loss. Ente Stenback Standard Cost Income Statement For the Month Ended July 31, 2018 Choose from any list or enter any number in the input fields and then continue to the next question, expenses and/or an operating los Gross Profit Operating Income (Loss) Choose from any list or enter any number in the input fields and then continue to the next