RECOMMENDED!!BUS 108-On May 1, 2003 Goodman Company began the manufacture

  

Problem: On May 1, 2003 Goodman Company began the manufacture of a new mechanical device known as “Dandy’. The company installed cost system in accounting for manufacturing costs. The standard cost for a unit of “Dandy’ are as follows:Raw Materials 6 lbs @ $1 per lb. $6.00DL 1 hour @ $4/ hr 4.00OH 75% of DL costs 3.00During May, 4,000 units of ‘Dandy’ were manufactured and 2,500 units were sold. The following data were obtained from Goodman’s records for the month of May:DEBIT CREDITSales $50,000Purchases (26,000 pounds) $27,300Material price variance (U) 1,300Material quantity variance (U) 1,000DL rate Variance (U) 760DL efficiency variance (F) 800The amount shown above for material price variance is applicable to raw material purchased during May.Compute each of the following items for Goodman for the month of May. Show computations in good form.(a) Standard quantity of raw materials allowed (in pounds).(b) Actual quantity of raw materials used (in pounds).(c) Standard hours allowed.(d) Actual hours worked.(e) Actual direct labor rate.

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