Reference: 11-01 Bryan Company employs a standard cost system in which direct materials inventory is carried at standard cost. Bryan has established the following standards for the prime costs of one unit of product: \[\begin{array} { | l | l | l | l | } \hline & \text { Standard Quantity } & \text { Standard Price } & \text { Standard Cost } \\ \hline \text { Direct materials } & 6.0 \text { grams } & \$ 3.50 / \text { gram } & \$ 21.00 \\ \hline \text { Direct labour } & 1.3 \text { hours } & \$ 11.00 / \text { hour } & 14.30 \\ \hline & & & \$ 35.30 \\ \hline \end{array}\] During March, Bryan purchased 165,000 grams of direct material at a total cost of $585,750. The total factory wages for March were $400,000, 90 percent of which were for direct labour. Bryan manufactured 25,000 units of product during March using 151,000 grams of direct material and 32,000 direct labour hours. -The standards that allow for no machine breakdowns or other work interruptions and that require peak efficiency at all times are referred to as:

A) ideal standards. B) practical standards. C) normal standards. D) budgeted standards. A) ideal standards. B) practical standards. C) normal standards. D) budgeted standards.

Reference: 11-03 The Albright Company uses standard costing and has established the following standards for its single product: \[\begin{array} { | l | l | } \hline \text { Direct materials } & 2 \text { litres at } \$ 3 \text { per litre } \\ \hline \text { Direct labour } & 0.5 \text { hours at } \$ 8 \text { per hour } \\ \hline \text { Variable manuf. overhead } & 0.5 \text { hours at } \$ 2 \text { per hour } \\ \hline \begin{array} { l } \text { During November, the company made } 4,000 \text { units } \\ \text { and incurred the following costs: } \end{array} & \\ \hline \text { Direct materials purchased } & 8,100 \text { litres at } \$ 3.10 \\ \hline & \text { per litre } \\ \hline \text { Direct materials used } & 7,600 \text { litres } \\ \hline \text { Direct labour used } & 2,200 \text { hours at } \$ 8.25 \text { per hour } \\ \hline \text { Actual variable manuf. overhead } & \$ 4,175 \\ \hline \end{array}\] The company applies variable manufacturing overhead to products on the basis of direct labour hours. -What does a credit balance in a direct labour efficiency variance account indicate

A) The average wage rate paid to direct labour employees was less than the standard rate. B) Actual total direct labour costs incurred were less than standard direct labour costs allowed for the units produced. C) The standard hours allowed for the units produced were greater than actual direct labour hours used. D) The number of units produced was less than the number of units budgeted for the period. A) The average wage rate paid to direct labour employees was less than the standard rate. B) Actual total direct labour costs incurred were less than standard direct labour costs allowed for the units produced. C) The standard hours allowed for the units produced were greater than actual direct labour hours used. D) The number of units produced was less than the number of units budgeted for the period.

Reference: 11-03 The Albright Company uses standard costing and has established the following standards for its single product: \[\begin{array} { | l | l | } \hline \text { Direct materials } & 2 \text { litres at } \$ 3 \text { per litre } \\ \hline \text { Direct labour } & 0.5 \text { hours at } \$ 8 \text { per hour } \\ \hline \text { Variable manuf. overhead } & 0.5 \text { hours at } \$ 2 \text { per hour } \\ \hline \begin{array} { l } \text { During November, the company made } 4,000 \text { units } \\ \text { and incurred the following costs: } \end{array} & \\ \hline \text { Direct materials purchased } & 8,100 \text { litres at } \$ 3.10 \\ \hline & \text { per litre } \\ \hline \text { Direct materials used } & 7,600 \text { litres } \\ \hline \text { Direct labour used } & 2,200 \text { hours at } \$ 8.25 \text { per hour } \\ \hline \text { Actual variable manuf. overhead } & \$ 4,175 \\ \hline \end{array}\] The company applies variable manufacturing overhead to products on the basis of direct labour hours. -The Porter Company has a standard cost system. used 22,500 grams of direct material at an actual cost of $53,000; the materials quantity variance was $1,875 unfavourable; and the standard quantity of materials allowed for July production was 21,750 grams. The materials price variance for July was?

A) $2,725 U. B) $2,725 F. C) $3,250 F. D) $3,250 U. A) $2,725 U. B) $2,725 F. C) $3,250 F. D) $3,250 U.

Reference: 11-11 The Clark Company makes a single product and uses standard costing. Variable overhead is assigned to production on the basis of direct labour hours. Some data concerning this product for the month of May follow: \[\begin{array} { | l | l | l | } \hline \text { Labour rate variance: } & \$ 7,000 & \mathrm {~F} \\ \hline \text { Labour efficiency variance: } & \$ 12,000 & \mathrm {~F} \\ \hline \text { Variable overhead efficiency variance: } & \$ 4,000 & \mathrm {~F} \\ \hline \text { Number of units produced: } & 10,000 & \\ \hline \text { Standard labour rate per direct labour hour: } & \$ 12 & \\ \hline \text { Standard variable overhead rate per direct labour hour: } & \$ 4 & \\ \hline \text { Actual labour hours used: } & 14,000 & \\ \hline \text { Actual variable manufacturing overhead costs: } & \$ 58,290 & \\ \hline \end{array}\] -The variable overhead spending variance for May was:

A) $1,710 F. B) $2,290 U. C) $2,290 F. D) $1,710 U. A) $1,710 F. B) $2,290 U. C) $2,290 F. D) $1,710 U.

Reference: 11-05 The Dexon Company makes and sells a single product called a Mip and employs a standard costing system. The following standards have been established for one unit of Mip: \[\begin{array} { | l | l | l | } \hline & \text { Standard Quantity of Hours } & \text { Standard Cost per Mip } \\ \hline \text { Direct materials } & 6 \text { board metres } & \$ 9.00 \\ \hline \text { Direct labour } & 0.8 \text { hours } & \$ 9.60 \\ \hline \end{array}\] There were no inventories of any kind on August 1. During August, the following events occurred: Purchased 15,000 board metres at the total cost of $24,000. Used 12,000 board feet to produce 2,100 Mips. Used 1,700 hours of direct labour time at a total cost of $20,060. -To record the incurrence of direct labour costs and its use in production, the general ledger would include what entry to the labour efficiency variance account?

A) $240 debit. B) $1,200 credit. C) $480 credit. D) $1,200 debit. A) $240 debit. B) $1,200 credit. C) $480 credit. D) $1,200 debit.

Reference: 11-10 The following labour standards have been established for a particular product: \[\begin{array}{l} \begin{array} { | l | l | } \hline \text { Standard labour hours per unit of output } & 7.5 \text { hours } \\ \hline \text { Standard labour rate } & \$ 15.25 \text { per hour } \\ \hline \end{array}\\ \text { The following data pertain to operations concerning the product for the last month: }\\ \begin{array} { | l | l | } \hline \text { Actual hours worked } & 9,600 \text { hours } \\ \hline \text { Actual total labour cost } & \$ 144,480 \\ \hline \text { Actual units of output } & 1,200 \\ \hline \end{array} \end{array}\] -What is the labour efficiency variance for the month?

A) $7,230 F. B) $7,230 U. C) $9,150 F. D) $9,150 U. A) $7,230 F. B) $7,230 U. C) $9,150 F. D) $9,150 U.

Reference: 11-11 The Clark Company makes a single product and uses standard costing. Variable overhead is assigned to production on the basis of direct labour hours. Some data concerning this product for the month of May follow: \[\begin{array} { | l | l | l | } \hline \text { Labour rate variance: } & \$ 7,000 & \mathrm {~F} \\ \hline \text { Labour efficiency variance: } & \$ 12,000 & \mathrm {~F} \\ \hline \text { Variable overhead efficiency variance: } & \$ 4,000 & \mathrm {~F} \\ \hline \text { Number of units produced: } & 10,000 & \\ \hline \text { Standard labour rate per direct labour hour: } & \$ 12 & \\ \hline \text { Standard variable overhead rate per direct labour hour: } & \$ 4 & \\ \hline \text { Actual labour hours used: } & 14,000 & \\ \hline \text { Actual variable manufacturing overhead costs: } & \$ 58,290 & \\ \hline \end{array}\] -The total standard cost for variable overhead for May was:

A) $60,000. B) $40,000. C) $50,000. D) $56,000. A) $60,000. B) $40,000. C) $50,000. D) $56,000.

Reference: 11-02 The Litton Company has established standards as follows: Direct material 3 kg @ $4/kg = $12 per unit Direct labour 2 hrs. @ $8/hr. = $16 per unit Variable manuf. overhead 2 hrs. @ $5/hr. = $10 per unit Actual production figures for the past year are given below. The company records the materials price variance when materials are purchased. \[\begin{array} { | l | l | l | } \hline \text { Units produced } & 600 & \\ \hline \text { Direct material used } & 2,000 & \mathrm {~kg} \\ \hline \text { Direct material purchased (3,000 kg) } & \$ 11,400 & \\ \hline \text { Direct labour cost (1,100 hrs.) } & \$ 9,240 & \\ \hline \text { Variable manuf. overhead cost incurred } & \$ 5,720 & \\ \hline \end{array}\] The company applies variable manufacturing overhead to products on the basis of direct labour hours. -The materials price variance is?

A) $400 F. B) $400 U. C) $600 F. D) $600 U. A) $400 F. B) $400 U. C) $600 F. D) $600 U.

Reference: 11-01 Bryan Company employs a standard cost system in which direct materials inventory is carried at standard cost. Bryan has established the following standards for the prime costs of one unit of product: \[\begin{array} { | l | l | l | l | } \hline & \text { Standard Quantity } & \text { Standard Price } & \text { Standard Cost } \\ \hline \text { Direct materials } & 6.0 \text { grams } & \$ 3.50 / \text { gram } & \$ 21.00 \\ \hline \text { Direct labour } & 1.3 \text { hours } & \$ 11.00 / \text { hour } & 14.30 \\ \hline & & & \$ 35.30 \\ \hline \end{array}\] During March, Bryan purchased 165,000 grams of direct material at a total cost of $585,750. The total factory wages for March were $400,000, 90 percent of which were for direct labour. Bryan manufactured 25,000 units of product during March using 151,000 grams of direct material and 32,000 direct labour hours. -A favourable labour rate variance indicates that:

A) actual hours exceed standard hours. B) the actual rate exceeds the standard rate. C) standard hours exceed actual hours. D) the standard rate exceeds the actual rate. A) actual hours exceed standard hours. B) the actual rate exceeds the standard rate. C) standard hours exceed actual hours. D) the standard rate exceeds the actual rate.

Reference: 11-11 The Clark Company makes a single product and uses standard costing. Variable overhead is assigned to production on the basis of direct labour hours. Some data concerning this product for the month of May follow: \[\begin{array} { | l | l | l | } \hline \text { Labour rate variance: } & \$ 7,000 & \mathrm {~F} \\ \hline \text { Labour efficiency variance: } & \$ 12,000 & \mathrm {~F} \\ \hline \text { Variable overhead efficiency variance: } & \$ 4,000 & \mathrm {~F} \\ \hline \text { Number of units produced: } & 10,000 & \\ \hline \text { Standard labour rate per direct labour hour: } & \$ 12 & \\ \hline \text { Standard variable overhead rate per direct labour hour: } & \$ 4 & \\ \hline \text { Actual labour hours used: } & 14,000 & \\ \hline \text { Actual variable manufacturing overhead costs: } & \$ 58,290 & \\ \hline \end{array}\] -Which of the following is not correct

A) If the denominator level of activity is greater than the standard hours allowed for the output of the period, then the volume variance is unfavourable. B) If the denominator level of activity and the standard hours allowed for the output of the period are the same, then there is no volume variance. C) If the denominator level of activity is greater than the standard hours allowed for the output of the period, then the volume variance is favourable. D) The volume variance is an appropriate measure of the utilization of plant facilities. A) If the denominator level of activity is greater than the standard hours allowed for the output of the period, then the volume variance is unfavourable. B) If the denominator level of activity and the standard hours allowed for the output of the period are the same, then there is no volume variance. C) If the denominator level of activity is greater than the standard hours allowed for the output of the period, then the volume variance is favourable. D) The volume variance is an appropriate measure of the utilization of plant facilities.

Exam 11: Standard Costs and Variance Analysis

Reference: 11-01 Bryan Company employs a standard cost system in which direct materials inventory is carried at standard cost. Bryan has established the following standards for the prime costs of one unit of product: Standard Quantity Standard Price Standard Cost Direct materials 6.0 grams \ 3.50/ gram \ 21.00 Direct labour 1.3 hours \ 11.00/ hour 14.30 \ 35.30 During March, Bryan purchased 165,000 grams of direct material at a total cost of $585,750. The total factory wages for March were $400,000, 90 percent of which were for direct labour. Bryan manufactured 25,000 units of product during March using 151,000 grams of direct material and 32,000 direct labour hours. -The standards that allow for no machine breakdowns or other work interruptions and that require peak efficiency at all times are referred to as:

(Multiple Choice)

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Question 21

Reference: 11-04 Cole laboratories makes and sells a lawn fertilizer called Fastgro. The company has developed standard costs for one bag of Fastgro as follows: Standard Quantity Standard Cost per Bag Direct material 20 grams \ 8.00 Direct labour 0.1 hours \ 1.10 Variable manuf. overhead 0.1 hours \ 0.40 The company had no beginning inventories of any kind on Jan. 1. Variable manufacturing overhead is applied to production on the basis of direct labour hours. During January, the following activity was recorded by the company: Production of Fastgro: 4,000 bags Direct materials purchased: 85,000 grams at a cost of $32,300 Direct labour worked: 390 hours at a cost of $4,875 Variable manufacturing overhead incurred: $1,475 Inventory of direct materials on Jan. 31: 3,000 grams -The materials quantity variance for January is?

(Multiple Choice)

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Question 22

Reference: 11-06 The Alpha Company produces toys for national distribution. Standards for a particular toy are: Materials: 12 grams per unit at 56 per gram. Labour: 2 hours per unit at $12.75 per hour. During the month of December, the company produced 1,000 units. Information for the month follows: Materials: 14,000 grams were purchased and used at a total cost of $7,140. Labour: 2,500 hours worked at a total cost of $33,000. -The labour rate variance is?

(Multiple Choice)

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Question 23

Reference: 11-11 The Clark Company makes a single product and uses standard costing. Variable overhead is assigned to production on the basis of direct labour hours. Some data concerning this product for the month of May follow: Labour rate variance: \ 7,000 Labour efficiency variance: \ 12,000 Variable overhead efficiency variance: \ 4,000 Number of units produced: 10,000 Standard labour rate per direct labour hour: \ 12 Standard variable overhead rate per direct labour hour: \ 4 Actual labour hours used: 14,000 Actual variable manufacturing overhead costs: \ 58,290 -Quantity standards indicate how much of an input should be used for manufacturing one unit of product or in providing one unit of service.

(True/False)

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Question 24

Reference: 11-03 The Albright Company uses standard costing and has established the following standards for its single product: Direct materials 2 litres at \ 3 per litre Direct labour 0.5 hours at \ 8 per hour Variable manuf. overhead 0.5 hours at \ 2 per hour During November, the company made 4,000 units and incurred the following costs: Direct materials purchased 8,100 litres at \ 3.10 per litre Direct materials used 7,600 litres Direct labour used 2,200 hours at \ 8.25 per hour Actual variable manuf. overhead \ 4,175 The company applies variable manufacturing overhead to products on the basis of direct labour hours. -What does a credit balance in a direct labour efficiency variance account indicate

(Multiple Choice)

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Question 25

Reference: 11-03 The Albright Company uses standard costing and has established the following standards for its single product: Direct materials 2 litres at \ 3 per litre Direct labour 0.5 hours at \ 8 per hour Variable manuf. overhead 0.5 hours at \ 2 per hour During November, the company made 4,000 units and incurred the following costs: Direct materials purchased 8,100 litres at \ 3.10 per litre Direct materials used 7,600 litres Direct labour used 2,200 hours at \ 8.25 per hour Actual variable manuf. overhead \ 4,175 The company applies variable manufacturing overhead to products on the basis of direct labour hours. -The Porter Company has a standard cost system. used 22,500 grams of direct material at an actual cost of $53,000; the materials quantity variance was $1,875 unfavourable; and the standard quantity of materials allowed for July production was 21,750 grams. The materials price variance for July was?

(Multiple Choice)

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Question 26

Reference: 11-11 The Clark Company makes a single product and uses standard costing. Variable overhead is assigned to production on the basis of direct labour hours. Some data concerning this product for the month of May follow: Labour rate variance: \ 7,000 Labour efficiency variance: \ 12,000 Variable overhead efficiency variance: \ 4,000 Number of units produced: 10,000 Standard labour rate per direct labour hour: \ 12 Standard variable overhead rate per direct labour hour: \ 4 Actual labour hours used: 14,000 Actual variable manufacturing overhead costs: \ 58,290 -A flexible budget is "flexible" in the sense that a budget can be prepared for any level of activity, but once a budget is set the budget figures are not changed if actual activity later proves to be different than budgeted activity.

(True/False)

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Question 27

Reference: 11-11 The Clark Company makes a single product and uses standard costing. Variable overhead is assigned to production on the basis of direct labour hours. Some data concerning this product for the month of May follow: Labour rate variance: \ 7,000 Labour efficiency variance: \ 12,000 Variable overhead efficiency variance: \ 4,000 Number of units produced: 10,000 Standard labour rate per direct labour hour: \ 12 Standard variable overhead rate per direct labour hour: \ 4 Actual labour hours used: 14,000 Actual variable manufacturing overhead costs: \ 58,290 -The variable overhead spending variance for May was:

(Multiple Choice)

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Question 28

Reference: 11-05 The Dexon Company makes and sells a single product called a Mip and employs a standard costing system. The following standards have been established for one unit of Mip: Standard Quantity of Hours Standard Cost per Mip Direct materials 6 board metres \ 9.00 Direct labour 0.8 hours \ 9.60 There were no inventories of any kind on August 1. During August, the following events occurred: Purchased 15,000 board metres at the total cost of $24,000. Used 12,000 board feet to produce 2,100 Mips. Used 1,700 hours of direct labour time at a total cost of $20,060. -To record the incurrence of direct labour costs and its use in production, the general ledger would include what entry to the labour efficiency variance account?

(Multiple Choice)

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Question 29

Reference: 11-13 The Upton Company employs a standard costing system in which variable overhead is assigned to production on the basis of direct labour hours. Data for the month of February include the following: Variable manufacturing overhead cost incurred: $48,700 Total variable overhead variance: $300 F Standard hours allowed for actual production: 7,000 Actual direct labour hours worked: 6,840 -The materials price variance is?

(Multiple Choice)

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Question 30

Reference: 11-03 The Albright Company uses standard costing and has established the following standards for its single product: Direct materials 2 litres at \ 3 per litre Direct labour 0.5 hours at \ 8 per hour Variable manuf. overhead 0.5 hours at \ 2 per hour During November, the company made 4,000 units and incurred the following costs: Direct materials purchased 8,100 litres at \ 3.10 per litre Direct materials used 7,600 litres Direct labour used 2,200 hours at \ 8.25 per hour Actual variable manuf. overhead \ 4,175 The company applies variable manufacturing overhead to products on the basis of direct labour hours. -Andy Inc. is a business using a standard costing system and applying overhead cost based on direct labour-hours. For April, total fixed overhead cost was budgeted at $80,000 based on a denominator activity level of 20,000 direct labour-hours for the month. The standard cost card indicates that each unit of finished product requires 2 direct labour-hours. The following data are available for April's activity: Number of units produced 9,500 Direct labour-hours worked 19,500 Actual total overhead cost incurred \ 79,500 What amount of total overhead cost would have been applied to production for the month of April?

(Multiple Choice)

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Question 31

Reference: 11-10 The following labour standards have been established for a particular product: Standard labour hours per unit of output 7.5 hours Standard labour rate \ 15.25 per hour The following data pertain to operations concerning the product for the last month: Actual hours worked 9,600 hours Actual total labour cost \ 144,480 Actual units of output 1,200 -What is the labour efficiency variance for the month?

(Multiple Choice)

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Question 32

Reference: 11-11 The Clark Company makes a single product and uses standard costing. Variable overhead is assigned to production on the basis of direct labour hours. Some data concerning this product for the month of May follow: Labour rate variance: \ 7,000 Labour efficiency variance: \ 12,000 Variable overhead efficiency variance: \ 4,000 Number of units produced: 10,000 Standard labour rate per direct labour hour: \ 12 Standard variable overhead rate per direct labour hour: \ 4 Actual labour hours used: 14,000 Actual variable manufacturing overhead costs: \ 58,290 -The total standard cost for variable overhead for May was:

(Multiple Choice)

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Question 33

Reference: 11-11 The Clark Company makes a single product and uses standard costing. Variable overhead is assigned to production on the basis of direct labour hours. Some data concerning this product for the month of May follow: Labour rate variance: \ 7,000 Labour efficiency variance: \ 12,000 Variable overhead efficiency variance: \ 4,000 Number of units produced: 10,000 Standard labour rate per direct labour hour: \ 12 Standard variable overhead rate per direct labour hour: \ 4 Actual labour hours used: 14,000 Actual variable manufacturing overhead costs: \ 58,290 -In a standard cost system, if the denominator activity (in hours)used to compute the predetermined overhead rate is equal to the actual activity (in hours)for the period, then there is no volume variance.

(True/False)

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Question 34

Reference: 11-02 The Litton Company has established standards as follows: Direct material 3 kg @ $4/kg = $12 per unit Direct labour 2 hrs. @ $8/hr. = $16 per unit Variable manuf. overhead 2 hrs. @ $5/hr. = $10 per unit Actual production figures for the past year are given below. The company records the materials price variance when materials are purchased. Units produced 600 Direct material used 2,000 Direct material purchased (3,000 kg) \ 11,400 Direct labour cost (1,100 hrs.) \ 9,240 Variable manuf. overhead cost incurred \ 5,720 The company applies variable manufacturing overhead to products on the basis of direct labour hours. -The materials price variance is?

(Multiple Choice)

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Question 35

Reference: 11-01 Bryan Company employs a standard cost system in which direct materials inventory is carried at standard cost. Bryan has established the following standards for the prime costs of one unit of product: Standard Quantity Standard Price Standard Cost Direct materials 6.0 grams \ 3.50/ gram \ 21.00 Direct labour 1.3 hours \ 11.00/ hour 14.30 \ 35.30 During March, Bryan purchased 165,000 grams of direct material at a total cost of $585,750. The total factory wages for March were $400,000, 90 percent of which were for direct labour. Bryan manufactured 25,000 units of product during March using 151,000 grams of direct material and 32,000 direct labour hours. -A favourable labour rate variance indicates that:

(Multiple Choice)

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Question 36

Reference: 11-13 The Upton Company employs a standard costing system in which variable overhead is assigned to production on the basis of direct labour hours. Data for the month of February include the following: Variable manufacturing overhead cost incurred: $48,700 Total variable overhead variance: $300 F Standard hours allowed for actual production: 7,000 Actual direct labour hours worked: 6,840 -The variable overhead efficiency variance is?

(Multiple Choice)

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Question 37

Reference: 11-04 Cole laboratories makes and sells a lawn fertilizer called Fastgro. The company has developed standard costs for one bag of Fastgro as follows: Standard Quantity Standard Cost per Bag Direct material 20 grams \ 8.00 Direct labour 0.1 hours \ 1.10 Variable manuf. overhead 0.1 hours \ 0.40 The company had no beginning inventories of any kind on Jan. 1. Variable manufacturing overhead is applied to production on the basis of direct labour hours. During January, the following activity was recorded by the company: Production of Fastgro: 4,000 bags Direct materials purchased: 85,000 grams at a cost of $32,300 Direct labour worked: 390 hours at a cost of $4,875 Variable manufacturing overhead incurred: $1,475 Inventory of direct materials on Jan. 31: 3,000 grams -The Reedy Company uses a standard costing system. The following data are available for November: Actual direct labour hours worked 5,800 hours Standard direct labour rate \ 9 per hour Labour rate variance \ 1,160 favourable The actual direct labour rate for November is:

(Multiple Choice)

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Question 38

Reference: 11-11 The Clark Company makes a single product and uses standard costing. Variable overhead is assigned to production on the basis of direct labour hours. Some data concerning this product for the month of May follow: Labour rate variance: \ 7,000 Labour efficiency variance: \ 12,000 Variable overhead efficiency variance: \ 4,000 Number of units produced: 10,000 Standard labour rate per direct labour hour: \ 12 Standard variable overhead rate per direct labour hour: \ 4 Actual labour hours used: 14,000 Actual variable manufacturing overhead costs: \ 58,290 -The standard cost card for a product includes a list of all inputs required to complete one unit of the product with the standard quantity and standard cost of each input.

(True/False)

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Question 39

Reference: 11-11 The Clark Company makes a single product and uses standard costing. Variable overhead is assigned to production on the basis of direct labour hours. Some data concerning this product for the month of May follow: Labour rate variance: \ 7,000 Labour efficiency variance: \ 12,000 Variable overhead efficiency variance: \ 4,000 Number of units produced: 10,000 Standard labour rate per direct labour hour: \ 12 Standard variable overhead rate per direct labour hour: \ 4 Actual labour hours used: 14,000 Actual variable manufacturing overhead costs: \ 58,290 -Which of the following is not correct

(Multiple Choice)

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Question 40

An Introduction to Managerial Accounting

Cost Concepts

Systems Design: Job-Order Costing

Process Costing

Activity-Based Costing

Cost Behaviour: Analysis and Use

Budgeting

Cost-Volume-Profit Relationships

Relevant Costs: the Key to Decision Making

Capital Budgeting Decisions

Organizational Structure and Performance Measurement

How Well Am I Doing Financial Statement Analysis Online

How Well Am I Doing Cash Flow Statement Online

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