that it sells to other companies for customizing with their own logos. Preston prepares flexible ts. The standard unit cost of a coffee mug is based on static budget volume of 59,800 coffee m Hata.) on for July 2016 follows: st and production information.) 0 Data Table S $ 0.05 Direct Materials ( 0.2 lbs @ $ 0.25 per lb) Direct Labor (3 minutes @ $ 0.11 per minute) Manufacturing Overhead: Variable (3 minutes @ $ 0.06 per minute) $ Fixed (3 minutes $ 0.14 per minute) 0.33 0.18 0.42 0.60 Total Cost per Coffee Mug $ 0.98 Print Done any number in the input fields and then click Check Answer Clear All Check complete) that it sells to other companies for customizing with their own logos. Preston prepares flexible ests. The standard unit cost of a coffee mug is based on static budget volume of 59,800 coffee data.) tion for July 2016 follows: cost and production information.) 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 11,000 lbs. at an actual cost of $0.17 per lb. d. Actual direct labor usage was 197,000 minutes at a total cost of $25,610. Actual overhead cost was $10,835 variable and $29,865 fixed. f. Selling and administrative costs were $122,000. e. Print Done rany number in the input fields and then click Check Answer. Clear All Che 5 of 5 (0 complete) as that it sells to other companies for customizing with their own logos. Preston prepares flexible budge Reference Formula Variance = $ Direct materials cost variance Direct labor cost variance 880 F = $ 3,940 U Variance Direct materials efficiency variance Direct labor efficiency variance 375 F (AC-SC) x AQ (AC-SC) AQ Formula (AQ - SQ) SC (AQ - SQ)X SC Formula Actual VOH - (SC XAQ) (AQ - SQ)X SC Formula = $ = $ 1,045 U Variance VOH cost variance VOH efficiency variance = $ 985 F = $ 570 U Variance = FOH cost variance FOH volume variance = $ Actual FOH - Budgeted FOH Bugeted FOH - Allocated FOH 4.749 U 1,134 F = $ Print Done enter any number in the input fields and then click Check Answer Clear All Check Ar 000 DOO s. ss DI leek Six : Chapter 8: Problems 5 of 5 (0 complete) Reference Date Debit Credit Jul. 2,750 880 1,870 Jul. 3,125 375 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 2.750 Jul. 20,625 3,940 1.045 25,610 Jul. 40,700 40.700 ant Print Done Check Ar eek Six : Chapter HL 5 of 5 (0 complete) har i Reference m Jul. 40,700 40,700 pr p Jul. 37,500 37,500 Jul 61,250 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. 61,250 Jul. 570 4,749 985 1,134 3.200 rent Print Done la AII Check A. ITUTIONS.VVV UI. Ullape o. Poblems Save Score: 0 of 1 pt 5 of 5 (0 complete) HW Score: 0%, 0 of 5 pts P23-29A (similar to) Question Help Preston manufactures coffee mugs that it sells to other companies for customizing with their own logos. Preston 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 59,800 coffee mugs per month: Click the icon to view the cost data.) Actual cost and production Information for July 2016 follows: (Click the icon to view actual cost and production information.) Preston calculated the following variances and recorded the following entries for July 2016, (Click the icon to view variances.) Click the icon to view journal entries.) Preston's standard and actual sales price per mug is $3. Prepare the standard costing income statement for July 2016. (Use a minus sign or parentheses to enter any contra expenses and/or an operating loss. Enter all other amounts as positive numbers.) orrect: 0 Preston Standard Cost Income Statement For the Month Ended July 31, 2016 1) Choose from any list or enter any number in the input fields and then click Check Answer Check Answer Clear All All parts showing