Rouse manufactures coffee mugs that it sells to other companies for customizing with their own logos. Rouse prepares flexible Actual cost and production information for July 2024 follows: budgets and uses a standard cost system to control manuf static budget volume of 60,200 coffee mugs per month: (Click the icon to view actual cost and production information.) (Click the icon to view the cost data.) Read the Requirement 1. Compute the cost and efficiency variances for direct materials and direct labor. FOH= fixed overhead; SC= standard cost; SQ= standard quantity.) SC= standard cost; SQ= standard quantity.) Rouse manufactures coffee mugs that it sells to other companies for customizing with their own logos. Rouse prepares flexible Actual cost and production information for July 2024 follows: budgets and uses a standard cost system to control manufacturing costs. The standard unit cost of a coffee mug is based on (Click the icon to view actual cost and production information.) static budget volume of 60,200 coffee mugs per month: (Click the icon to view the cost data.) Read the requirements. Journalize the incurrance and assignment of direct labor costs, including the related variances. (Prepare a single compound journal entry.) cost; AQ= actual quantity; FOH= fixed overhead; SC= standard cost; SQ = standard quantity.) \begin{tabular}{lll} & Formula & \multicolumn{1}{c|}{ Variance } \\ \hline FOH cost variance & =□ & \\ FOH volume variance & =□ & \end{tabular} Rouse manufactures coffee mugs that it sells to other companies for customizing with their own logos. Rouse prepares flexible Actual cost and production information for July 2024 follows: budgets and uses a standard cost system to control manufacturing costs. The standard unit cost of a coffee mug is based on (Click the icon to view actual cost and production information.) static budget volume of 60,200 coffee mugs per month: (Click the icon to view the cost data.) Read the Rouse manufactures coffee mugs that it sells to other companies for customizing with their own logos. Rouse prepares flexible Actual cost and production information for July 2024 follows: budgets and uses a standard cost system to control manufacturing costs. The standard unit cost of a coffee mug is based on (Click the icon to view actual cost and production information.) static budget volume of 60,200 coffee mugs per month: (Click the icon to view the cost data.) Read the requirements. Journalize the movement of all production from Work-in-Process Inventory. Rouse manufactures coffee mugs that it sells to other companies for customizing with their own logos. Rouse prepares flexible Actual cost and production information for July 2024 follows: budgets and uses a standard cost system to control manufacturing costs. The standard unit cost of a coffee mug is based on (Click the icon to view actual cost and production information.) static budget volume of 60,200 coffee mugs per month: (Click the icon to view the cost data.) Read the requirements. Journalize the adjusting of the Manufacturing Overhead account. (Prepare a single compound journal entry.) Hiring more-skilled, higher-paid labor led to direct labor cost variance. Given the direct labor efficiency variance, it appear that these more-skilled workers performed efficiently. The overall net effect is thus management's decision was Data table More info a. There were no beginning or ending inventory balances. All expenditures were on account. b. Actual production and sales were 62,900 coffee mugs. c. Actual direct materials usage was 10,000lbs. at an actual cost of $0.17perlb. d. Actual direct labor usage was 202,000 minutes at a total cost of $30,300. e. Actual overhead cost was $11,110 variable and $29,690 fixed. f. Selling and administrative costs were $98,000. Requirements 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. Rouse intentionally hired more highly skilled workers during July. How did this decision affect the cost variances? Overall, was the decision wise?