Exam 6: Performance Evaluation: Variance Analysis

Nantucket,Inc.uses a standard cost system.Workers were paid a total of $48,000 during the month of December.The company's standard wage rate was $10 per hour,and the direct labor rate variance for the month was $1,200 unfavorable. Required: How many hours were worked during December?

(Essay)

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Question 61

Universal Outfitters,Inc.is a manufacturer of aluminum folding picnic tables.The company controller has provided you with the following financial information: Required: Prepare a performance report for the period.

(Essay)

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Question 62

The flexible budget variance reflects how efficiently the company operated in producing a given level of sales.

(True/False)

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Question 63

Sometimes you may know only the total dollar amount of direct materials purchased rather than the actual

(Multiple Choice)

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Question 64

A flexible budget is a budget based on the budgeted sales volume at the beginning of the period.

(True/False)

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Question 65

Normally,managers will not see many fixed overhead spending variances because

(Multiple Choice)

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Question 66

Which of the following is not a reason that actual direct labor costs may differ from the flexible budget amounts?

(Multiple Choice)

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Question 67

The flexible budget variance is the difference between the static budgeted amounts and the flexible budgeted amounts.

(True/False)

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Question 68

Most companies monitor their performance

(Multiple Choice)

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Question 69

All differences between the flexible budget and actual performance must result from

(Multiple Choice)

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Question 70

The direct labor rate variance is part of the direct labor flexible budget variance that arises when the actual wage rate differs from the standard wage rate.

(True/False)

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Question 71

The flexible budget variance is the difference between

(Multiple Choice)

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Question 72

Johnston Manufacturing Company purchased 14,000 switches to make 6,000

(Multiple Choice)

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Question 73

The direct labor efficiency variance is caused by

(Multiple Choice)

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Question 74

Which of the following is not used in the calculation of the direct labor rate variance?

(Multiple Choice)

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Question 75

The sales volume variance is the difference between the flexible budget and the static budget.

(True/False)

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Question 76

If the actual average wage rate is $4.50 per direct labor hour,but the standard wage rate is $4.70 per direct labor hour,

(Multiple Choice)

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Question 77

Since fixed overhead does not vary with volume within the relevant range,the flexible budget will always agree with

(Multiple Choice)

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Question 78

Assume the static budget sales revenue is $69,000 and the flexible budget sales revenue is $70,000.If the actual sales price is $6 and the budgeted sales price is $6.50,what is the sales volume variance?

(Multiple Choice)

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Question 79

The difference between actual results and budgeted,or expected,results is referred to as

(Multiple Choice)

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Question 80

Showing 61 - 80 of 198

Nantucket,Inc.uses a standard cost system.Workers were paid a total of $48,000 during the month of December.The company's standard wage rate was $10 per hour,and the direct labor rate variance for the month was $1,200 unfavorable. Required: How many hours were worked during December?

Universal Outfitters,Inc.is a manufacturer of aluminum folding picnic tables.The company controller has provided you with the following financial information: Required: Prepare a performance report for the period.

The flexible budget variance reflects how efficiently the company operated in producing a given level of sales.

Sometimes you may know only the total dollar amount of direct materials purchased rather than the actual

A flexible budget is a budget based on the budgeted sales volume at the beginning of the period.

Normally,managers will not see many fixed overhead spending variances because

Which of the following is not a reason that actual direct labor costs may differ from the flexible budget amounts?

The flexible budget variance is the difference between the static budgeted amounts and the flexible budgeted amounts.

Most companies monitor their performance

All differences between the flexible budget and actual performance must result from

The direct labor rate variance is part of the direct labor flexible budget variance that arises when the actual wage rate differs from the standard wage rate.

The flexible budget variance is the difference between

Johnston Manufacturing Company purchased 14,000 switches to make 6,000

The direct labor efficiency variance is caused by

Which of the following is not used in the calculation of the direct labor rate variance?

The sales volume variance is the difference between the flexible budget and the static budget.

If the actual average wage rate is $4.50 per direct labor hour,but the standard wage rate is $4.70 per direct labor hour,

Since fixed overhead does not vary with volume within the relevant range,the flexible budget will always agree with

Assume the static budget sales revenue is $69,000 and the flexible budget sales revenue is $70,000.If the actual sales price is $6 and the budgeted sales price is $6.50,what is the sales volume variance?

The difference between actual results and budgeted,or expected,results is referred to as

Accounting As a Tool for Management

Cost Behavior and Cost Estimation

Cost-Volume-Profit Analysis and Pricing Decisions

Product Costs and Job Order Costing

Planning and Forecasting

Activity-Based Costing and Activity Based Management

Using Accounting Information to Make Managerial Decisions

Capital Budgeting

Decentralizing and Performance Evaluation

Performance Evaluation Revisited: a Balanced Approach

Financial Statement Analysis

Statement of Cash Flows

Topic Focus: Process Costing

Topic Focus Variable and Absorption Costing

Topic Focus Standard Costing Systems

Topic Focus Customer Profitability

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