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On May 1, 2019, Goodman Co. began the manufacture of a device known as X....

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Accounting

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On May 1, 2019, Goodman Co. began the manufacture of a device known as X. Goodman installed a standard costing system in accounting for manufacturing costs of its product X. The standard costs for one unit of X are as follows: Raw materials: 6 lbs. @ $1 per lb." $6.00 Direct labor: 1 hour @ $4 per hour 4.00 Overhead: 75% of direct labor costs 3.00 * According to the standard: - One unit of X requires 6 lbs. of raw materials, and the std. cost of raw materials is $1 per lb. - One unit of X requires 1 hour of direct labor, and the std. direct labor rate is $4 per hour. During May, 4,000 units of X were manufactured, and 2,500 units of X were sold. The following data were obtained from Goodman's records for the month of May: Sales....... $50,000 Purchased & used (26,000 pounds) $27,300 Material price variance (U) 1,300 Material quantity variance ? Direct labor rate variance (U) 760 Direct labor efficiency variance (F) 800 * U (Unfavorable variance): Actual costs > Standard costs. * F (Favorable variance): Actual costs

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