Goldfish Corp. produces swimming pool covers produced from a fabric designed to repel rain and snow. They
Question:
Goldfish Corp. produces swimming pool covers produced from a fabric designed to repel rain and snow. They use a standard costing system. Goldfish allocates overhead based on the number of direct labor hours. The following are the company's cost and standards data:
Answer the following questions. Carry to four decimal places. Each question is worth 1 point.
1. Calculate the standard cost of one swimming pool cover:
2. Calculate direct material variances. Enter as a positive if favorable and negative if unfavorable.
a. Direct material price variance:
b. Direct material quantity variance:
3. Calculate direct labor variances. Enter as a positive if favorable and a negative if unfavorable.
a. Direct labor rate variance:
b. Direct labor efficiency variance:
4. Calculate variable manufacturing overhead variances. Enter as a positive if favorable and negative if unfavorable.
a. Variable MOH rate variance:
b. Variable MOH efficiency variance:
Stats Data and Models
ISBN: 978-0321986498
4th edition
Authors: Richard D. De Veaux, Paul D. Velleman, David E. Bock