please help need help with whole problem. please answer whole questions and please make sure the answer isnt cut off. thanks so much!

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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.) Data table $ 0.05 wi s 0.42 Direct Materials (0.2 lbs @ $0.25 per lb) Direct Labor (3 minutes @ $0.14 per minute) Manufacturing Overhead: Variable (3 minutes @ $0.04 per minute) Fixed (3 minutes @ $0.13 per minute) Total Cost per Coffee Mug $ 0.12 0.39 0.51 $ 0.98 favor quant ugs that it sells to other companies for McKnight prepares flexible budgets and uses a manufacturing costs. The standard unit cost of a dget volume of 59,700 coffee mugs per month Actual cost and production information for July 2024 follows: (Click the icon to view actual cost and production information.) Read the requirements. More info hether each variance is o standard quantity) 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 perib, d. Actual direct labor usage was 203,000 minutes at a total cost of $32,480 e. Actual overhead cost was $4,060 variable and $36,740 fixed f. Selling and administrative costs were $120,000 vorable (F) or antity) - X Requirements s. (ul nce 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. Joumalize 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? s la Id au ulas, co viations ncy varie 11:10:0 McKnight manufactures coffee mugs that it sells to other companies for Actual cost and production information of July 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 varianc favorable (F) or unfavorable (U). (Abbreviations used: AC = actual cost; AQ = actual quantity; FOH = fixed overhead, SC - standard cost, SQ = standard quan Formula Variance Direct materials cost variance 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 Direct labor officiency varianco 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.) mal including the related variance (Prepare a single compound journal entry) TOSTO - Actual cost and production information for July 2024 follows: Requirement 2. Journalize the purchase and usage of direct materials and the assignment of direct labor, including the related variances. (Record debits first, the 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) Accounts and Explanation Credit Jul Date Debit Now, journalize the usage of direct materials, including the related variance. (Prepare a single compound journal entry) Date Accounts and Explanation Debit Credit Jul ou companies for Actual cost and production information for July 2024 follows: 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 dollar. Abbreviations used: AC = actual cost: AQ - actual quantity, FOH = fixed overhead, SC standard cost SO-standard quantity. VOH = variable overhead.) Formula VOH cost variance Vanco Actual COSE *** McKnight manufactures coffee mugs that it sells to other companies for Formula Variance VOH cost varianco VOH efficiency variance Now compute the fixed overhead cost and volume variances. Select the required formulas, compute the fixed overhead cost and volumo variances, 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 FOH Cost variance FOH volume varianco Requirement 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, (Record debits first, then credits Select the explanation on the last line of the journal entry table) Bogin by journalizing the entry to show the actual manufacturing overhead conts incurred Date Accounts and Explanation Debit Creut Jul McKnight manufactures coffee mugs Begin by journalizing the entry to show the actual manufacturing overhead costs incurred. Debit Credit Date Accounts and Explanation Jul. Journalize the applied manufacturing overhead. Date Accounts and Explanation Debit Credit Jul. I Journalize the movement of all production from Work-in-Process Inventory. Date Accounts and Explanation Debit Credit Jul. Journalize the adjusting of the Manufacturing Overhead account. (Prepare a single compound journal entry) Date Accounts and Explanation Debit Credit Jul hs Requirement 5. McKnight intentionally hired more highly skilled workers during July. How did this decision affect the cost variances? Overall, was the decision wise? direct labor officionoy varianco.it Hiring more-skilled, higher-paid labor led to direct labor cost variance Given the appear that those more-skilled workers performed officiently The overall net effect is thus management's decision was