X - X More info Data table ible . There were no beginning or ending inventory balances. All expenditures were on Direct Materials (0.2 lbs @ $0.25 per lb) $ 0.05 account. b. Actual production and sales were 62,500 coffee mugs. Direct Labor (3 minutes @ $0.11 per minute) 0.3 Actual direct materials usage was 11,000 lbs. at an actual cost of $0.17 per lb. Manufacturing Overhead ly 20 toduction ir Actual direct labor usage was 197,000 minutes at a total cost of $25,610. Variable (3 minutes @ $0.06 per minute) $ 0.18 e. Actual overhead cost was $10,835 variable and $29,765 fixed. 0.39 0.57 f. Selling and administrative costs were $95,000. Fixed (3 minutes @ $0.13 per minute) Total Cost per Coffee Mug $ 0.95 Print Done (AC - SC) x AQ int Done (AC - SC) x SQ ariance is (Abbreviations used: AC = actual cost; AQ (AQ - SQ) x AC nce rect materials cost variance (AQ - SQ) x SC F irect labor cost variance E F Actual FOH - Allocated FOH elect the required formulas, compute the ect labor, and identify whether each variance is favorable (F) or unfavorab tual cost; AQ = actual quantity; FOH = fix Actual FOH - Budgeted FOH lard quantity.) Variance irect materials efficiency variance Bugeted FOH - Allocated FOH 3940 U irect labor efficiency variance 045 U equirement 2. Journalize the purchase and usage of direct materials and the assignment of direct labor, including the related variances. (Record debits first, then last line of the journal entry table.) egin by journalizing the purchase of direct materials, including the related variance. (Prepare a single compound journal entry.)Moss manufactures coffee mugs that it sells to other companies for customizing with their own Actual cost and production information for July 2024 follows: logos. Moss prepares flexible budgets and uses a standard cost system to control manufacturing i (Click the icon to view actual cost and production information.) costs. The standard unit cost of a coffee mug is based on static budget volume of 59,800 coffee mugs per month: Read the requirements. (Click the icon to view the cost data.) Requirement 1. Compute the cost and efficiency variances for direct materials and direct labor. Begin with the cost variances. Select the required formulas, compute the cost variances for direct materials and direct labor, and identify whether each variance is favorable (F) or unfavorable (U). (Abbreviations used: AC = actual cost; AQ = actual quantity; FOH = fixed overhead; SC = standard cost; SQ = standard quantity.) Formula Variance Direct materials cost variance F Direct labor cost variance Select the required formulas, compute the efficiency variances for direct materials and direct labor, and identify whether each variance is favorable (F) or unfavorable (U). (Abbreviations used: AC = actual cost; AQ = actual quantity; FOH = fixed overhead; SC = standard cost; SQ = standard quantity.) Formula Variance Direct materials efficiency variance 3940 11 U Direct labor efficiency variance 045 U Requirement 2. Journalize the purchase and usage of direct materials and the assignment of direct labor, including the related variances. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Begin by journalizing the purchase of direct materials, including the related variance. (Prepare a single compound journal entry.) NextAccounts Payable estion Cost of Goods Sold Moss manuf Direct Labor Cost Variance customizing with their own Actual cost and production information for July 2024 follows: K logos. Moss stem to control manufacturing costs. The s Direct Labor Efficiency Variance i (Click the icon to view actual cost and production information.) get volume of 59,800 coffee mugs per mi Read the requirements. (Click th Direct Materials Cost Variance Direct Materials Efficiency Variance Begin by jou Finished Goods Inventory related variance. (Prepare a single compound journal entry.) Date Fixed Overhead Cost Variance Debit Credit Jul. Fixed Overhead Volume Variance Manufacturing Overhead Raw Materials Inventory Now, journal Variable Overhead Cost Variance ariance. (Prepare a single compound journal entry.) Date Variable Overhead Efficiency Variance Debit Credit Jul. NextMoss manufactures coffee mugs that it sells to other companies for customizing with their own Actual cost and production information for July 2024 follows: logos. Moss prepares flexible budgets and uses a standard cost system to control manufacturing i (Click the icon to view actual cost and production information.) costs. The standard unit cost of a coffee mug is based on static budget volume of 59,800 coffee mugs per month: Read the requirements. (Click the icon to view the cost data.) Journalize the incurrance and assignment of direct labor costs, including the related variances. (Prepare a single compound journal entry.) Date Accounts and Explanation Debit Credit Jul. Requirement 3. For manufacturing overhead, compute the variable overhead cost and efficiency variances and the fixed overhead cost and volume variances. Begin with the variable overhead cost and efficiency variances. Select the required formulas, compute the variable overhead cost and efficiency variances, and identify whether each variance is favorable (F) or unfavorable (U). (Round any interim calculations to four decimal places, X.XXXX, and your final answers to the nearest whole dolllar. Abbreviations used: AC = actual cost; AQ = actual quantity; FOH = fixed overhead; SC = standard cost; SQ = standard quantity; VOH = variable overhead.) Formula Variance VOH cost variance VOH efficiency variance Now compute the fixed overhead cost and volume variances. Select the required formulas, compute the fixed overhead cost and volume variances, and identify whether each variance is Nextlogos. Moss prepares flexible budgets and uses a standard cost system to control manufacturing i (Click the icon to view actual cost and production information.) costs. The standard unit cost of a coffee mug is based on static budget volume of 59,800 coffee mugs per month: Read the requirements. (Click the icon to view the cost data.) Begin by journalizing the entry to show the actual manufacturing overhead costs incurred. Date Accounts and Explanation Debit Credit Jul. Journalize the applied manufacturing overhead. Date Accounts and Explanation Debit Credit Jul. NextMoss manufactures coffee mugs that it sells to other companies for customizing with their own Actual cost and production information for July 2024 follows: K logos. Moss prepares flexible budgets and uses a standard cost system to control manufacturing i (Click the icon to view actual cost and production information.) costs. The standard unit cost of a coffee mug is based on static budget volume of 59,800 coffee mugs per month: Read the requirements. (Click the icon to view the cost data.) Journalize the adjusting of the Manufacturing Overhead account. (Prepare a single compound journal entry.) Date Accounts and Explanation Debit Credit Jul. Requirement 5. Moss intentionally hired more highly skilled workers during July. How did this decision affect the cost variances? Overall, was the decision wise? Hiring more-skilled, higher-paid labor led to direct labor cost variance. Given the direct labor efficiency variance, it V appear that th performed efficiently. The overall net effect is V, thus management's decision was Next