Review your results from Problem P23-33B. Middleton's actual and standard sales price per mug is $5. Prepare the standard cost income statement for July 2018.

Refer in P23-33B,

Middleton manufactures coffee mugs that it sells to other companies for customizing with their own logos. Middleton 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:

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Direct Materials (0.2 Ibs. e $0.25 per Ib.) Direct Labor (3 minutes e $0.14 per minute) Manufacturing Overhead: Variable (3 minutes e $0.06 per minute) Fixed (3 minutes @ $0.13 per minute) Total Cost per Coffee Mug $0.05 0.42 $0.18 0.39 0.57 $ 1.04