Cost Accounting Quiz
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FOUNDATIONS OF COST ACCOUNTING
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A company uses a standard costing system. For May, its Cost of Goods Sold at standard cost was $400,000. The following variances were recorded for the month:
* Direct material price variance: $8,000 Unfavorable
* Direct material quantity variance: $3,000 Favorable
* Direct labor rate variance: $5,000 Unfavorable
* Direct labor efficiency variance: $2,000 Favorable
If the company closes all variances to Cost of Goods Sold, what is the actual Cost of Goods Sold for May?
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