Goldman, Inc., manufactures lead crystal glasses Goldman, Inc.'s managers recently calculated the following Variances after completing production of 7.200 glasses Direct materials cost variance 5792 F Direct labor cost variance $11,520 F Direct materials efficiency variance 51.728 U Direct labor efficiency variance 538,880 F Read the requirements Requirement 1. For each variance, who in Goldman Inc's organization is most likely responsible? Direct materials cost variance Direct materials efficiency variance Direct labor cost variance Direct labor efficiency variance Requirement 2. Interpret the direct materials and direct labor variances for Goldman Inc 's management The 792 favorable direct materials cost variance indicates that the actual direct materials cost per pound was than the standard cost per pound This Goldman Inc's operating income by 792 The 1.728 unfavorable direct materials efficiency variance indicates that the actual pounds used was than the total pounds allowed to manufacture the 7200 glasses. This Goldman Inc's operating income by 1,728 The $11,520 favorable direct labor price variance means that Goldman Inc.'s employees were paid Goldman, Inc.'s operating income by $11.520 per hour than budgeted This Requirement 2. Interpret the direct materials and direct labor variances for Goldman Inc's management The 792 favorable direct materials cost variance indicates that the actual direct materials cost per pound was than the standard cost per pound. This Goldman Inc 's operating income by 792 The 1.728 unfavorable direct materials officiency variance indicates that the actual pounds used was V than the total pounds allowed to manufacture the 7.200 glasses. This Goldman, Inc s operating income by 1.728 The $11520 favorable direct labor price variance means that Goldman, Inc's employees were paid per hour than budgeted This Goldman. Inc's operating income by 511.520 The 538,880 favorable direct labor efficiency variance means that it actually took direct labor hours than were budgeted to produce 7 200 glasses This Goldman, Inc's operating income by 538,880