Chapter 23 Calculator Printem Budget performance report Instructions Standard Cost Budget Budget Performance Report Final Question Instructions Genie in a Bottle Company ( OC) manhactures plastic two-liter bottles for the beverage industry. The cost standards per 100 two-liter bottles are as follows: Cost Category Standard Cost per 100 Two Liter Bottles Direct labor 5200 Direct materiais 1000 Factory Overhead 070 51270 At the beginning of My DC management planned to produce 195.000 bottles. The actual number of bottles produced forly was 199,000 bottles. The actual costs for Jy of the current year were as follows Cost Category Actual Cost for the Month Ended July 31 Direct labor 57.420 It Chapter 23 Budget performance report Instructions Standard Cost Budget Budget Performance Report Final Question Instructions Cost Category Actual Cost for the Month Ended July 31 Direct labor $7,420 Direct materials 33,706 3.258 Factory overhead $49,384 Required: A. Prepare the wly manufacturing standard cost budget direct labor direct materials and factory overhead) for G8C assuming planned production B. Prepare a budget performance report for manufacturing costs, showing the total cost variances for direct materials, direct labor and factory overhead for July Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number Interpret the budget performance report . IMA Chapter 23 Calculator Standard Cost Budget A Prepare the July manufacturing de t budget (cirect labor direct materials and factory overhead for GBC anuming planned production Genie in a Bottle Company Manufacturing Cost Budget For the Month Ended by 31, 2016 Manufacturing Costs Standard Cost at Planned Volume (395,000 Bottles) 2 Direct labor Direct materials 4 Factory overhead 5 Total It Chapter 23 Calculator Printem Budget performance report Instructions Standard Cost Budget Budget Performance Report Final Question Budget Performance Report Genie in a Bottle Company Budget Performance Report For the Month Ended July 31, 2016 Manufacturing Costs Actual Costs Standard Cost at Actual Volume (399,000 Bottles) Cost Variance (Favorable) Unfavorable 2 Direct labor Direct materials 4 Factory overhead 5 Total manufacturing costs It Chapter 23 Calculator Print Hom Budget performance report Instructions Standard Cost Budget Budget Performance Report Final Question Final Question C. Interpret the budget performance report The Company's actual costs were $1.289 variances more than ofta small direct labor and direct material cost " budgeted factory overhead cost variance Budgeted direct labor and direct material co It