Genie in a bottle company (gbc) manufactures 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 $2.00
direct materials 9.10
factory overhead 0.55
total $11.65
at the beginning of july, gbc management planned to produce 400,000 bottles. the actual number of bottles produced for july was 406,000 bottles. the actual costs for july of the current year were as follows:

cost category actual cost for the month ended july 31
direct labor $7,540
direct materials 35,750
factory overhead 2,680
total $45,970
required:
a. prepare the july manufacturing standard cost budget (direct labor, direct materials, and factory overhead) for gbc, 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.
c. interpret the budget performance report.

For each of the following cases determine the ending balance in the inventory account. (hint: first, determine the total cost of inventory available for sale. next, subtract the cost of the inventory sold to arrive at the ending balance.)a. jill’s dress shop had a beginning balance in its inventory account of $40,000. during the accounting period jill’s purchased $75,000 of inventory, returned $5,000 of inventory, and obtained $750 of purchases discounts. jill’s incurred $1,000 of transportation-in cost and $600 of transportation-out cost. salaries of sales personnel amounted to $31,000. administrative expenses amounted to $35,600. cost of goods sold amounted to $82,300.b. ken’s bait shop had a beginning balance in its inventory account of $8,000. during the accounting period ken’s purchased $36,900 of inventory, obtained $1,200 of purchases allowances, and received $360 of purchases discounts. sales discounts amounted to $640. ken’s incurred $900 of transportation-in cost and $260 of transportation-out cost. selling and administrative cost amounted to $12,300. cost of goods sold amounted to $33,900.a& b. cost of goods avaliable for sale? ending inventory?