Filters
Question type
Study Flashcards

Solly Corporation produces a product for national distribution. Standards for the product are: Materials: 12 ounces per unit at 60¢ per ounce. Labor: 2 hours per unit at $8 per hour. During the month of December, the company produced 1,000 units. Information for the month follows: Materials: 14,000 ounces purchased and used at a total cost of $7,700. Labor: 2,500 hours worked at a total cost of $20,625. The materials price variance is:


A) $700 U
B) $600 F
C) $600 U
D) $700 F

E) C) and D)
F) A) and B)

Correct Answer

verifed

verified

Juhasz Corporation makes a product with the following standards for direct labor and variable overhead: Juhasz Corporation makes a product with the following standards for direct labor and variable overhead: In August the company produced 7,900 units using 4,080 direct labor-hours. The actual variable overhead cost was $15,096. The company applies variable overhead on the basis of direct labor-hours. The variable overhead rate variance for August is: A) $1,185 F B) $1,224 U C) $1,185 U D) $1,224 F In August the company produced 7,900 units using 4,080 direct labor-hours. The actual variable overhead cost was $15,096. The company applies variable overhead on the basis of direct labor-hours. The variable overhead rate variance for August is:


A) $1,185 F
B) $1,224 U
C) $1,185 U
D) $1,224 F

E) A) and D)
F) A) and C)

Correct Answer

verifed

verified

The following data have been provided by Furr Corporation: The following data have been provided by Furr Corporation: Indirect labor and power are both elements of variable manufacturing overhead. The variable overhead rate variance for power is closest to: A) $7,097 U B) $7,097 F C) $896 F D) $7,993 U Indirect labor and power are both elements of variable manufacturing overhead. The variable overhead rate variance for power is closest to:


A) $7,097 U
B) $7,097 F
C) $896 F
D) $7,993 U

E) A) and B)
F) A) and C)

Correct Answer

verifed

verified

Bressman Inc. has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied to products on the basis of direct labor-hours. Bressman Inc. has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied to products on the basis of direct labor-hours. The company has reported the following actual results for the product for May: The variable overhead rate variance for the month is closest to: A) $364 U B) $372 F C) $364 F D) $372 U The company has reported the following actual results for the product for May: Bressman Inc. has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied to products on the basis of direct labor-hours. The company has reported the following actual results for the product for May: The variable overhead rate variance for the month is closest to: A) $364 U B) $372 F C) $364 F D) $372 U The variable overhead rate variance for the month is closest to:


A) $364 U
B) $372 F
C) $364 F
D) $372 U

E) C) and D)
F) A) and D)

Correct Answer

verifed

verified

Valera Corporation makes a product with the following standards for labor and variable overhead: Valera Corporation makes a product with the following standards for labor and variable overhead: The company budgeted for production of 5,300 units in July, but actual production was 5,400 units. The company used 2,130 direct labor-hours to produce this output. The actual variable overhead rate was $6.10 per hour. The company applies variable overhead on the basis of direct labor-hours. The variable overhead efficiency variance for July is: A) $183 F B) $180 U C) $180 F D) $183 U The company budgeted for production of 5,300 units in July, but actual production was 5,400 units. The company used 2,130 direct labor-hours to produce this output. The actual variable overhead rate was $6.10 per hour. The company applies variable overhead on the basis of direct labor-hours. The variable overhead efficiency variance for July is:


A) $183 F
B) $180 U
C) $180 F
D) $183 U

E) C) and D)
F) B) and D)

Correct Answer

verifed

verified

The following data have been provided by Liggett Corporation: The following data have been provided by Liggett Corporation: Lubricants and supplies are both elements of variable manufacturing overhead. The variable overhead rate variance for lubricants is closest to: A) $1,120 F B) $5,381 F C) $4,261 U D) $5,381 U Lubricants and supplies are both elements of variable manufacturing overhead. The variable overhead rate variance for lubricants is closest to:


A) $1,120 F
B) $5,381 F
C) $4,261 U
D) $5,381 U

E) A) and C)
F) C) and D)

Correct Answer

verifed

verified

The following materials standards have been established for a particular product: The following materials standards have been established for a particular product: The following data pertain to operations concerning the product for the last month: The direct materials purchases variance is computed when the materials are purchased. Required: a. What is the materials price variance for the month? b. What is the materials quantity variance for the month? The following data pertain to operations concerning the product for the last month: The following materials standards have been established for a particular product: The following data pertain to operations concerning the product for the last month: The direct materials purchases variance is computed when the materials are purchased. Required: a. What is the materials price variance for the month? b. What is the materials quantity variance for the month? The direct materials purchases variance is computed when the materials are purchased. Required: a. What is the materials price variance for the month? b. What is the materials quantity variance for the month?

Correct Answer

verifed

verified

a. Materials price variance = (AQ × AP) ...

View Answer

The standards for product G78V specify 4.1 direct labor-hours per unit at $12.10 per direct labor-hour. Last month 1,600 units of product G78V were produced using 6,600 direct labor-hours at a total direct labor wage cost of $77,220. Required: a. What was the labor rate variance for the month? b. What was the labor efficiency variance for the month?

Correct Answer

verifed

verified

a. Labor rate variance = (AH × AR) − (AH...

View Answer

Solly Corporation produces a product for national distribution. Standards for the product are: Materials: 12 ounces per unit at 60¢ per ounce. Labor: 2 hours per unit at $8 per hour. During the month of December, the company produced 1,000 units. Information for the month follows: Materials: 14,000 ounces purchased and used at a total cost of $7,700. Labor: 2,500 hours worked at a total cost of $20,625. The labor rate variance is:


A) $625 U
B) $500 F
C) $500 U
D) $625 F

E) C) and D)
F) None of the above

Correct Answer

verifed

verified

Polaco Corporation makes a product that has the following direct labor standards: Polaco Corporation makes a product that has the following direct labor standards: In May the company produced 8,500 units using 3,220 direct labor-hours. The actual direct labor rate was $22.10 per hour. The labor rate variance for May is: A) $6,460 U B) $6,118 U C) $6,118 F D) $6,460 F In May the company produced 8,500 units using 3,220 direct labor-hours. The actual direct labor rate was $22.10 per hour. The labor rate variance for May is:


A) $6,460 U
B) $6,118 U
C) $6,118 F
D) $6,460 F

E) All of the above
F) B) and D)

Correct Answer

verifed

verified

Milar Corporation makes a product with the following standard costs: Milar Corporation makes a product with the following standard costs: In January the company produced 2,000 units using 16,060 pounds of the direct material and 210 direct labor-hours. During the month, the company purchased 16,900 pounds of the direct material at a cost of $65,910. The actual direct labor cost was $4,473 and the actual variable overhead cost was $756. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The labor efficiency variance for January is: A) $200 U B) $213 U C) $200 F D) $213 F In January the company produced 2,000 units using 16,060 pounds of the direct material and 210 direct labor-hours. During the month, the company purchased 16,900 pounds of the direct material at a cost of $65,910. The actual direct labor cost was $4,473 and the actual variable overhead cost was $756. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The labor efficiency variance for January is:


A) $200 U
B) $213 U
C) $200 F
D) $213 F

E) A) and B)
F) A) and C)

Correct Answer

verifed

verified

Jungman Inc. has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied to products on the basis of direct labor-hours. Jungman Inc. has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied to products on the basis of direct labor-hours. The company produced 4,600 units of this product in November. Required: a. What is the total standard cost of one unit of this product? b. What was the standard ounces allowed for the actual output of this product in November? c. What was the standard hours allowed for the actual output of this product in November? The company produced 4,600 units of this product in November. Required: a. What is the total standard cost of one unit of this product? b. What was the standard ounces allowed for the actual output of this product in November? c. What was the standard hours allowed for the actual output of this product in November?

Correct Answer

verifed

verified

a.
blured image b. SQ = 4,600 units × 6.9...

View Answer

Piper Corporation's standards call for 1,000 direct labor-hours to produce 250 units of product. During October the company worked 1,250 direct labor-hours and produced 300 units. The standard hours allowed for October would be:


A) 1,250 hours
B) 1,000 hours
C) 1,200 hours
D) 1,300 hours

E) A) and B)
F) A) and C)

Correct Answer

verifed

verified

Handerson Corporation makes a product with the following standard costs: Handerson Corporation makes a product with the following standard costs: The company reported the following results concerning this product in August. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The variable overhead efficiency variance for August is: A) $720 U B) $720 F C) $780 U D) $780 F The company reported the following results concerning this product in August. Handerson Corporation makes a product with the following standard costs: The company reported the following results concerning this product in August. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The variable overhead efficiency variance for August is: A) $720 U B) $720 F C) $780 U D) $780 F The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The variable overhead efficiency variance for August is:


A) $720 U
B) $720 F
C) $780 U
D) $780 F

E) B) and C)
F) None of the above

Correct Answer

verifed

verified

Majer Corporation makes a product with the following standard costs: Majer Corporation makes a product with the following standard costs: The company reported the following results concerning this product in February. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The materials price variance for February is: A) $3,136 F B) $3,260 F C) $3,136 U D) $3,260 U The company reported the following results concerning this product in February. Majer Corporation makes a product with the following standard costs: The company reported the following results concerning this product in February. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The materials price variance for February is: A) $3,136 F B) $3,260 F C) $3,136 U D) $3,260 U The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The materials price variance for February is:


A) $3,136 F
B) $3,260 F
C) $3,136 U
D) $3,260 U

E) All of the above
F) A) and B)

Correct Answer

verifed

verified

Saxena Corporation makes a product that has the following direct labor standards: Saxena Corporation makes a product that has the following direct labor standards: The company budgeted for production of 2,900 units in July, but actual production was 2,800 units. The company used 250 direct labor-hours to produce this output. The actual direct labor rate was $14.10 per hour. The labor rate variance for July is: A) $252 U B) $225 U C) $225 F D) $252 F The company budgeted for production of 2,900 units in July, but actual production was 2,800 units. The company used 250 direct labor-hours to produce this output. The actual direct labor rate was $14.10 per hour. The labor rate variance for July is:


A) $252 U
B) $225 U
C) $225 F
D) $252 F

E) B) and C)
F) None of the above

Correct Answer

verifed

verified

Dibert Inc. has provided the following data concerning one of the products in its standard cost system. Dibert Inc. has provided the following data concerning one of the products in its standard cost system. The company has reported the following actual results for the product for February: The labor efficiency variance for the month is closest to: A) $3,876 U B) $4,199 F C) $4,199 U D) $3,876 F The company has reported the following actual results for the product for February: Dibert Inc. has provided the following data concerning one of the products in its standard cost system. The company has reported the following actual results for the product for February: The labor efficiency variance for the month is closest to: A) $3,876 U B) $4,199 F C) $4,199 U D) $3,876 F The labor efficiency variance for the month is closest to:


A) $3,876 U
B) $4,199 F
C) $4,199 U
D) $3,876 F

E) None of the above
F) B) and C)

Correct Answer

verifed

verified

Puvo, Inc., manufactures a single product in which variable manufacturing overhead is assigned on the basis of standard direct labor-hours. The company uses a standard cost system and has established the following standards for one unit of product: Puvo, Inc., manufactures a single product in which variable manufacturing overhead is assigned on the basis of standard direct labor-hours. The company uses a standard cost system and has established the following standards for one unit of product: During March, the following activity was recorded by the company: The company produced 2,400 units during the month. A total of 19,400 pounds of material were purchased at a cost of $13,580. There was no beginning inventory of materials on hand to start the month; at the end of the month, 3,620 pounds of material remained in the warehouse. During March, 1,090 direct labor-hours were worked at a rate of $30.50 per hour. Variable manufacturing overhead costs during March totaled $14,061. The direct materials purchases variance is computed when the materials are purchased. The materials quantity variance for March is: A) $1,116 F B) $1,302 F C) $1,302 U D) $1,116 U During March, the following activity was recorded by the company: The company produced 2,400 units during the month. A total of 19,400 pounds of material were purchased at a cost of $13,580. There was no beginning inventory of materials on hand to start the month; at the end of the month, 3,620 pounds of material remained in the warehouse. During March, 1,090 direct labor-hours were worked at a rate of $30.50 per hour. Variable manufacturing overhead costs during March totaled $14,061. The direct materials purchases variance is computed when the materials are purchased. The materials quantity variance for March is:


A) $1,116 F
B) $1,302 F
C) $1,302 U
D) $1,116 U

E) A) and D)
F) A) and C)

Correct Answer

verifed

verified

Casivant Corporation makes a product that uses a material with the following direct material standards: Casivant Corporation makes a product that uses a material with the following direct material standards: The materials quantity variance for November is: A) $3,880 F B) $3,686 U C) $3,686 F D) $3,880 U Casivant Corporation makes a product that uses a material with the following direct material standards: The materials quantity variance for November is: A) $3,880 F B) $3,686 U C) $3,686 F D) $3,880 U The materials quantity variance for November is:


A) $3,880 F
B) $3,686 U
C) $3,686 F
D) $3,880 U

E) B) and C)
F) A) and D)

Correct Answer

verifed

verified

Kartman Corporation makes a product with the following standard costs: Kartman Corporation makes a product with the following standard costs: In June the company's budgeted production was 3,400 units but the actual production was 3,500 units. The company used 22,150 pounds of the direct material and 2,290 direct labor-hours to produce this output. During the month, the company purchased 25,400 pounds of the direct material at a cost of $170,180. The actual direct labor cost was $57,021 and the actual variable overhead cost was $8,931. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The materials price variance for June is: A) $7,620 U B) $6,825 U C) $6,825 F D) $7,620 F In June the company's budgeted production was 3,400 units but the actual production was 3,500 units. The company used 22,150 pounds of the direct material and 2,290 direct labor-hours to produce this output. During the month, the company purchased 25,400 pounds of the direct material at a cost of $170,180. The actual direct labor cost was $57,021 and the actual variable overhead cost was $8,931. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The materials price variance for June is:


A) $7,620 U
B) $6,825 U
C) $6,825 F
D) $7,620 F

E) B) and D)
F) B) and C)

Correct Answer

verifed

verified

Showing 161 - 180 of 247

Related Exams

Exam 1

Managerial Accounting and Cost Concepts

299 Questions

Exam 2

Costvolumeprofit Relationships

260 Questions

Exam 3

Joborder Costing: Calculating Unit Product Costs

292 Questions

Exam 4

Variable Costing and Segment Reporting: Tools for Management

291 Questions

Exam 5

Activitybased Costing: a Tool to Aid Decision Making

213 Questions

Exam 6

Differential Analysis: the Key to Decision Making

203 Questions

Exam 7

Capital Budgeting Decisions

179 Questions

Exam 8

Master Budgeting

236 Questions

Exam 9

Flexible Budgets and Performance Analysis

417 Questions

Exam 11

Performance Measurement in Decentralized Organizations

180 Questions

Exam 12

Cost of Quality

66 Questions

Exam 13

Analyzing Mixed Costs

82 Questions

Exam 14

Activity-Based Absorption Costing

20 Questions

Exam 15

the Predetermined Overhead Rate and Capacity

42 Questions

Exam 16

Super-Variable Costing

49 Questions

Exam 17

Time-Driven Activity-Based Costing: a Microsoft Excel-Based Approach

123 Questions

Exam 18

Pricing Decisions

149 Questions

Exam 19

the Concept of Present Value

16 Questions

Exam 20

Income Taxes and the Net Present Value Method

150 Questions

Exam 21

Predetermined Overhead Rates and Overhead Analysis in a Standard Costing System

177 Questions

Exam 22

Transfer Pricing

102 Questions

Exam 22

Service Department Charges

44 Questions

Show Answer