Exam 10: Standard Costing: a Managerial Control Tool
Exam 1: Introduction to Managerial Accounting63 Questions
Exam 2: Basic Managerial Accounting Concepts178 Questions
Exam 3: Cost Behavior176 Questions
Exam 4: Cost-Volume-Profit Analysis: a Managerial Planning Tool167 Questions
Exam 5: Job-Order Costing171 Questions
Exam 6: Process Costing158 Questions
Exam 7: Activity-Based Costing and Management162 Questions
Exam 8: Absorption and Variable Costing,and Inventory Management110 Questions
Exam 9: Profit Planning165 Questions
Exam 10: Standard Costing: a Managerial Control Tool163 Questions
Exam 11: Flexible Budgets and Overhead Analysis156 Questions
Exam 12: Performance Evaluation and Decentralization157 Questions
Exam 13: Short-Run Decision Making: Relevant Costing154 Questions
Exam 14: Capital Investment Decisions163 Questions
Exam 15: Statement of Cash Flows146 Questions
Exam 16: Financial Statement Analysis169 Questions
Select questions type
Rhodes Corporation manufactures a product with the following standard costs:
Standards are based on normal monthly production involving 2,000 direct labor hours (500 units of output).
The following information pertains to July:
Required:




Free
(Essay)
5.0/5
(35)
Correct Answer:
Mover Company has developed the following standards for one of its products:
The following activity occurred during March:
The company records materials price variances at the time of purchase.The variable standard cost per unit for materials and labor is


Free
(Multiple Choice)
4.8/5
(35)
Correct Answer:
B
Figure 10-5.
Refer to Figure 10-5.What is Seaside's labor rate variance?

Free
(Multiple Choice)
4.9/5
(41)
Correct Answer:
B
Figure 10-2. Highland Company's standard cost is $250,000.The allowable deviation is 10%.Its actual costs for six months are
Refer to Figure 10-2.The upper and lower control limits are,respectively,

(Multiple Choice)
4.8/5
(40)
Leeds Company uses the following rule to determine whether labor efficiency variances should be investigated:
A labor efficiency variance will be investigated when the variance is greater than either $100 or 10 percent of the standard labor cost.
During September,the company used 500 direct labor hours at a rate of $15 per hour.Its standard rate is 475 direct labor hours at a rate of $14.50 per hour.


(Essay)
4.7/5
(39)
The sum of the price and usage variances will add up to the total materials variance only if the materials purchased is equal to the materials used.
(True/False)
4.8/5
(39)
Grandma's Attic Company produces soft pillows made from goose down.The company uses a standard cost system and has set the following standards for materials and labor for each pillow:
During the month,the company produced 1,000 goose down pillows.Actual geese purchased were 5,100,at $4 per goose.Actual fabric purchased was 2,900 yards at $2.10 per yard.There were no beginning or ending inventories of geese or fabric.Actual direct labor was 5,200 hours at $7.75 per hour.



(Essay)
5.0/5
(40)
An unfavorable price variance occurs whenever the actual prices are greater than the standard prices.
(True/False)
4.8/5
(39)
Which of the following is true regarding standard cost systems in manufacturing environments that emphasize continuous improvement and just-in-time manufacturing and purchasing?
(Multiple Choice)
4.9/5
(38)
Mersey Company produced 1,000 trash cans during March using 450 direct labor hours and purchased and used 3,100 pounds of rubber.Its materials and labor standards are:
Its materials price variance was a favorable $620 and its labor rate variance was an unfavorable $900.



(Essay)
4.8/5
(35)
Managers develop quantity standards when they decide what amount of input should be used per unit of output.
(True/False)
4.9/5
(36)
Kaizen costing provides fixed standards which reflect continuous improvement efforts.
(True/False)
4.8/5
(42)
Starling Manufacturing has developed the following standards for one of its products.
The company records materials price variances at the time of purchase.
The following activity occurred during December:
Required:




(Essay)
4.9/5
(46)
The quantity of each input that should be used to produce one unit of output is documented on the standard cost sheet.
(True/False)
4.9/5
(30)
During October,10,000 direct labor hours were worked at a standard cost of $10 per hour.If the direct labor rate variance for October was $4,000 unfavorable,the actual cost per direct labor hour must be
(Multiple Choice)
4.9/5
(33)
For better control,the materials price variance is computed using actual quantity of materials purchased.
(True/False)
4.9/5
(39)
Showing 1 - 20 of 163
Filters
- Essay(0)
- Multiple Choice(0)
- Short Answer(0)
- True False(0)
- Matching(0)