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Homework: Chapter 23 Homework Question 3, P23- 28A (similar to) III > HW Score: 65.52%, 1.97 of 3 points Points: 0 of 1 Part 1 of 13 Save McKnight manufactures coffee mugs that it sells to other companies for customizing with their own logos McKnight 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 59,700 coffee mugs per month Click 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) Read the requirements Requirement 1. Compute the cost and efficiency variances for direct materials and direct labor Begin with the cost vanances 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 (AQ - SQ)X SC F Direct labor cost variance (AC-SC) SQ 11 Actual cost and production information for July follows i (Click the icon to view actual cost and prod ht manufactures coffee mugs that it sells to other nies for customizing with their own logos. McKnight s flexible budgets and uses a standard cost system to mar bag hth Data table ck - $ 0.05 0.30 em Direct Materials (0.2 lbs @ $0.25 per lb) Direct Labor (3 minutes @ $0.10 per minute) Manufacturing Overhead: Variable (3 minutes @ $0.06 per minute) Fixed (3 minutes @ $0.13 per minute) $ Vith ntit A 0.18 0 39 tle ictu 0.57 $ 0.92 Total Cost per Coffee Mug mat abd Print Done manufactures coffee mugs that it sells to other es for customizing with their own logos. McKnight flexible budgets and uses a standard cost system to nanufacturing costs. The standard unit cost of a coffee Actual cost and production information for July 201 follows (Click the icon to view actual cost and product GODS More info a. There were no beginning or ending inventory balances. All expenditures were on account b. Actual production and sales were 62,400 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 203,000 minutes at a total cost of $26,390 e. Actual overhead cost was $10,150 variable and $30,750 fixed f. Selling and administrative costs were $122,000 habol val Print Done Points: 0 of 1 nanufactures coffee mugs that it sells to other for customizing with their own logos. McKnight Actual cost and production information for July 2 follows prodo .X - Requirements be 1. Compute the cost and efficiency variances for direct materials and direct labor 2. Journalize the purchase and usage of direct materials and the assignment of direct labor, including the related variances 3. For manufacturing overhead, compute the variable overhead cost and efficiency variances and the fixed overhead cost and volume variances 4. Journalize the actual manufacturing overhead and the allocated manufacturing overhead. Journalize the movement of all production costs from Work-in-Process Inventory Journalize the adjusting of the Manufacturing Overhead account 5. McKnight intentionally hired more highly skilled workers during July How did this decision affect the cost variances? Overall was the decision wise? ct la actu nt fyl Fd ate pol Print Done an the 1.) McKnight manufactures coffee mugs companies for customizing with their prepares flexible budgets and uses a control manufacturing costs. The stan (AC - SC) * AQ mug is based on static budget volume per month (AC - SC) * SQ (Click the icon to view the cost da (AQ - SQ) * AC - egu (AQ - SQ) > SC Requirement 1. Compute the cost an Actual FOH - Allocated FOH dire nce ns Begin with the cost variances. Select and identify whether each variance is Actual FOH - Budgeted FOH quantity, FOH = fixed overhead, SC = Bugeted FOH - Allocated FOH Vat Direct materials cost variance (AQ - SQ) X SC Direct labor cost variance (AC - SC) X S