Question 1

The labor rate variance for October is:

Accepted Answer

A) $495 U 
B) $495 F 
C) $525 U 
D) $525 F 
A) $495 U 
B) $495 F 
C) $525 U 
D) $525 F

Question 2

The materials price variance for December is:

Accepted Answer

A) $710 F 
B) $710 U 
C) $660 F 
D) $660 U 
A) $710 F 
B) $710 U 
C) $660 F 
D) $660 U

Question 3

The materials quantity variance for December is:

Accepted Answer

A) $660 F 
B) $660 U 
C) $627 F 
D) $627 U 
A) $660 F 
B) $660 U 
C) $627 F 
D) $627 U

Question 4

The variable overhead rate variance for June is:

Accepted Answer

A) $1,365 U 
B) $1,365 F 
C) $1,350 F 
D) $1,350 U 
A) $1,365 U 
B) $1,365 F 
C) $1,350 F 
D) $1,350 U

Question 5

The labor efficiency variance for February is:

Accepted Answer

A) $230 F 
B) $235 F 
C) $230 U 
D) $235 U 
A) $230 F 
B) $235 F 
C) $230 U 
D) $235 U

Question 6

The materials quantity variance for June is:

Accepted Answer

A) $392 U 
B) $392 F 
C) $400 F 
D) $400 U 
A) $392 U 
B) $392 F 
C) $400 F 
D) $400 U

Question 7

The variable overhead efficiency variance for March is:

Accepted Answer

A) $756 U 
B) $700 F 
C) $756 F 
D) $700 U 
A) $756 U 
B) $700 F 
C) $756 F 
D) $700 U

Question 8

The following labor standards have been established for a particular product:   The following data pertain to operations concerning the product for the last month:   Required:
a. What is the labor rate variance for the month?
b. What is the labor efficiency variance for the month?

Accepted Answer

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

Question 9

What is the materials quantity variance for the month?

Accepted Answer

A) $1,880 U 
B) $10,476 U 
C) $1,940 U 
D) $10,152 U 
A) $1,880 U 
B) $10,476 U 
C) $1,940 U 
D) $10,152 U

Question 10

The labor rate variance for September was:

Accepted Answer

A) $1,530 unfavorable 
B) $980 favorable 
C) $280 favorable 
D) $980 unfavorable 
A) $1,530 unfavorable 
B) $980 favorable 
C) $280 favorable 
D) $980 unfavorable

Question 11

The variable overhead efficiency variance for June is:

Accepted Answer

A) $185 F 
B) $200 U 
C) $185 U 
D) $200 F 
A) $185 F 
B) $200 U 
C) $185 U 
D) $200 F

Question 12

The actual hourly rate of pay for tune-up work last week was:

Accepted Answer

A) $8.40 per hour 
B) $9.00 per hour 
C) $9.60 per hour 
D) Cannot be computed without further information 
A) $8.40 per hour 
B) $9.00 per hour 
C) $9.60 per hour 
D) Cannot be computed without further information

Question 13

The following direct labor standards have been established for product E45O:   The following data pertain to last month's operations:   Required:
a. What was the labor rate variance for the month?
b. What was the labor efficiency variance for the month?

Accepted Answer

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

Question 14

The materials quantity variance for November is:

Accepted Answer

A) $9,600 U 
B) $9,760 U 
C) $9,760 F 
D) $9,600 F 
A) $9,600 U 
B) $9,760 U 
C) $9,760 F 
D) $9,600 F

Question 15

The variable overhead rate variance for May is:

Accepted Answer

A) $1,440 U 
B) $1,302 F 
C) $1,302 U 
D) $1,440 F 
A) $1,440 U 
B) $1,302 F 
C) $1,302 U 
D) $1,440 F

Question 16

The materials price variance for July is:

Accepted Answer

A) $22,080 U 
B) $19,950 U 
C) $22,080 F 
D) $19,950 F 
A) $22,080 U 
B) $19,950 U 
C) $22,080 F 
D) $19,950 F

Question 17

The Porter Company has a standard cost system. In July the company purchased and used 22,500 pounds of direct material at an actual cost of $53,000; the materials quantity variance was $1,875 Unfavorable; and the standard quantity of materials allowed for July production was 21,750 pounds. The materials price variance for July was:

Accepted Answer

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

Question 18

In general, the purchasing agent is responsible for the materials price variance.

Accepted Answer

A) True 
 B)False

Question 19

The variable overhead rate variance for June is:

Accepted Answer

A) $318 U 
B) $320 F 
C) $318 F 
D) $320 U 
A) $318 U 
B) $320 F 
C) $318 F 
D) $320 U

Question 20

Todco planned to produce 3,000 units of its single product, Teragram, during November. The standard specifications for one unit of Teragram include six pounds of material at $0.30 per pound. Actual production in November was 3,100 units of Teragram. The accountant computed a favorable materials purchase price variance of $380 and an unfavorable materials quantity variance of $120. Based on these variances, one could conclude that:

Accepted Answer

A) more materials were purchased than were used. 
B) more materials were used than were purchased. 
C) the actual cost of materials was less than the standard cost. 
D) the actual usage of materials was less than the standard alloweD.Materials price variance = AQ (AP - SP) 
A) more materials were purchased than were used. 
B) more materials were used than were purchased. 
C) the actual cost of materials was less than the standard cost. 
D) the actual usage of materials was less than the standard alloweD.Materials price variance = AQ (AP - SP)

The labor rate variance for October is:

The materials price variance for December is:

The materials quantity variance for December is:

The variable overhead rate variance for June is:

The labor efficiency variance for February is:

The materials quantity variance for June is:

The variable overhead efficiency variance for March is:

The following labor standards have been established for a particular product: The following data pertain to operations concerning the product for the last month: Required: a. What is the labor rate variance for the month? b. What is the labor efficiency variance for the month?

What is the materials quantity variance for the month?

The labor rate variance for September was:

The variable overhead efficiency variance for June is:

The actual hourly rate of pay for tune-up work last week was:

The following direct labor standards have been established for product E45O: The following data pertain to last month's operations: Required: a. What was the labor rate variance for the month? b. What was the labor efficiency variance for the month?

The materials quantity variance for November is:

The variable overhead rate variance for May is:

The materials price variance for July is:

In general, the purchasing agent is responsible for the materials price variance.

The variable overhead rate variance for June is:

Managerial Accounting and Cost Concepts

Cost-Volume-Profit Relationships

Job-Order Costing

Variable Costing and Segment Reporting: Tools for Management

Activity-Based-Costing: a Tool to Aid Decision Making

Differential Analysis: The Key to Decision Making

Capital Budgeting Decisions

Capital Budgeting Decisions

Profit Planning

Flexible Budgets and Performance Analysis

Performance Measurement in Decentralized Organizations

Managerial Accounting and Cost Concepts

Job-Order Costing

Activity-Based-Costing: a Tool to Aid Decision Making

A Capital Budgeting Decisions

Standard Costs and Variances

Performance Measurement in Decentralized Organizations

Performance Measurement in Decentralized Organizations

Profitability Analysis

Pricing Products and Services

Filters

Exam 12: Standard Costs and Variances

The labor rate variance for October is:

The materials price variance for December is:

The materials quantity variance for December is:

The variable overhead rate variance for June is:

The labor efficiency variance for February is:

The materials quantity variance for June is:

The variable overhead efficiency variance for March is:

The following labor standards have been established for a particular product: The following data pertain to operations concerning the product for the last month: Required: a. What is the labor rate variance for the month? b. What is the labor efficiency variance for the month?

What is the materials quantity variance for the month?

The labor rate variance for September was:

The variable overhead efficiency variance for June is:

The actual hourly rate of pay for tune-up work last week was:

The following direct labor standards have been established for product E45O: The following data pertain to last month's operations: Required: a. What was the labor rate variance for the month? b. What was the labor efficiency variance for the month?

The materials quantity variance for November is:

The variable overhead rate variance for May is:

The materials price variance for July is:

In general, the purchasing agent is responsible for the materials price variance.

The variable overhead rate variance for June is:

Managerial Accounting and Cost Concepts

Cost-Volume-Profit Relationships

Job-Order Costing

Variable Costing and Segment Reporting: Tools for Management

Activity-Based-Costing: a Tool to Aid Decision Making

Differential Analysis: The Key to Decision Making

Capital Budgeting Decisions

Capital Budgeting Decisions

Profit Planning

Flexible Budgets and Performance Analysis

Performance Measurement in Decentralized Organizations

Managerial Accounting and Cost Concepts

Job-Order Costing

Activity-Based-Costing: a Tool to Aid Decision Making

A Capital Budgeting Decisions

Standard Costs and Variances

Performance Measurement in Decentralized Organizations

Performance Measurement in Decentralized Organizations

Profitability Analysis

Pricing Products and Services

Filters