S23-7 Calculating labor variances Learning Objective 3 Goldman, Inc. manufactures lead crystal glasses. The standard direct labor time is 0.5 hours per glass, at a cost of $17 per hour. The actual results for one month's production of 6,900 glasses were 0.2 hours per glass, at a cost of $11 per hour. Calculate the direct labor cost variance and the direct labor efficiency variance. The diagram below shows the market for coffee. The country can import coffee at the price Pworld. Then a tariff is imposed and the domestic price rises to Prariff What is the best interpretation of area d? 6 D 0.0 0.0. Your answer: O loss in welfare because consumers lose part of the surplus when they are prevented from buying Oyunks of coffee o the total loss in consumer surplus from the tariff on coffee o loss in welfare of consumers because their welfare is transferred to producers, all of the above