Reference no: EM132785916
Questions -
Q1. Data on Goodman Company's direct-labor costs are given below:
Budgeted direct labor hours 30,000
Actual direct labor hours 29,000
Actual direct labor payroll $110,200
Total direct labor payroll activity variance $4,000F
Total direct labor payroll flexible variance $5,800F
What was Goodman's budgeted direct labor rate?
a. $3.60
b. $3.87
c. $4.00
d. Neither of the above
Q2. During the year, a manufacturing company had the following operating results:
Beginning work-in-process (WIP) inventory $51,000
Beginning finished goods (FG) inventory $190,000
Direct materials used in production $308,000
Direct labor $475,000
Manufacturing overhead incurred $250,000
Ending work-in-process (WIP) inventory $67,000
Ending finished goods (FG) inventory $89,000
What is the cost of goods manufactured for the year?
a. $1,017,000
b. $1,033,000
c. $1,134,000
d. None of the above