Question 1

The labor rate variance is:

Accepted Answer

A) $480 F 
B) $480 U 
C) $440 F 
D) $440 U 
A) $480 F 
B) $480 U 
C) $440 F 
D) $440 U

Question 2

The labor rate variance for March is:

Accepted Answer

A) $3,757 U 
B) $3,757 F 
C) $3,995 U 
D) $3,995 F 
A) $3,757 U 
B) $3,757 F 
C) $3,995 U 
D) $3,995 F

Question 3

The materials price variance is:

Accepted Answer

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

Question 4

The following materials 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 materials price variance for the month?
b. What is the materials quantity variance for the month?

Accepted Answer

a. Materials price variance = (AQ × AP)

Question 5

The Cox Company uses standard costing. The following data are available for April:   The standard quantity of material allowed for April production is:

Accepted Answer

A) 14,200 gallons 
B) 12,700 gallons 
C) 11,700 gallons 
D) 10,200 gallons 
A) 14,200 gallons 
B) 12,700 gallons 
C) 11,700 gallons 
D) 10,200 gallons

Question 6

The purchasing agent of the Clampett Company ordered materials of lower quality in an effort to economize on price and in response to the demands of the production manager due to a mistake in production scheduling. The materials were shipped by airfreight at a rate higher than that ordinarily charged for shipment by truck, resulting in an unfavorable materials price variance. The lower quality material proved to be unsuitable on the production line and resulted in excessive waste. In this situation, who should be held responsible for the materials price and quantity variances?

Accepted Answer

A) Option A 
B) Option B 
C) Option C 
D) Option D 
A) Option A 
B) Option B 
C) Option C 
D) Option D

Question 7

The total number of units of Roff produced during August was:

Accepted Answer

A) 10,800 
B) 14,400 
C) 3,600 
D) 6,500 
A) 10,800 
B) 14,400 
C) 3,600 
D) 6,500

Question 8

The labor rate variance for June is:

Accepted Answer

A) $238 U 
B) $238 F 
C) $224 U 
D) $224 F 
A) $238 U 
B) $238 F 
C) $224 U 
D) $224 F

Question 9

The materials price variance for April is:

Accepted Answer

A) $7,872 F 
B) $9,190 U 
C) $9,190 F 
D) $7,872 U 
A) $7,872 F 
B) $9,190 U 
C) $9,190 F 
D) $7,872 U

Question 10

The labor rate variance for November is:

Accepted Answer

A) $2,363 U 
B) $2,550 F 
C) $2,550 U 
D) $2,363 F 
A) $2,363 U 
B) $2,550 F 
C) $2,550 U 
D) $2,363 F

Question 11

The direct materials quantity variance for May is:

Accepted Answer

A) $14,400 unfavorable 
B) $1,100 favorable 
C) $17,100 unfavorable 
D) $17,100 favorable 
A) $14,400 unfavorable 
B) $1,100 favorable 
C) $17,100 unfavorable 
D) $17,100 favorable

Question 12

The variable overhead rate variance for power is closest to:

Accepted Answer

A) $1,428 F 
B) $5,016 F 
C) $5,016 U 
D) $3,588 F 
A) $1,428 F 
B) $5,016 F 
C) $5,016 U 
D) $3,588 F

Question 13

Dowen Corporation applies manufacturing overhead to products on the basis of standard machine-hours. For the most recent month, the company based its budget on 4,400 machine-hours. Budgeted and actual overhead costs for the month appear below:   The company actually worked 4,460 machine-hours during the month. The standard hours allowed for the actual output were 4,310 machine-hours for the month. What was the overall variable overhead efficiency variance for the month?

Accepted Answer

A) $2,198 favorable 
B) $1,695 unfavorable 
C) $150 unfavorable 
D) $503 favorable 
A) $2,198 favorable 
B) $1,695 unfavorable 
C) $150 unfavorable 
D) $503 favorable

Question 14

What is the labor rate variance for the month?

Accepted Answer

A) $400 F 
B) $80 U 
C) $80 F 
D) $400 U 
A) $400 F 
B) $80 U 
C) $80 F 
D) $400 U

Question 15

Borden Enterprises uses standard costing. For the month of April, the company reported the following data: • Standard direct labor rate: $10 per hour
• Standard hours allowed for actual production: 8,000 hours
• Actual direct labor rate: $9.50 per hour
• Labor efficiency variance: $4,800 Favorable
The labor rate variance for April is:

Accepted Answer

A) $3,760 U 
B) $3,760 F 
C) $2,850 F 
D) $2,850 U 
A) $3,760 U 
B) $3,760 F 
C) $2,850 F 
D) $2,850 U

Question 16

The following standards have been established for a raw material used to make product P62:   The following data pertain to a recent month's operations:   Required:
a. What is the materials price variance for the month?
b. What is the materials quantity variance for the month?

Accepted Answer

a. Materials price variance = (AQ × AP)

Question 17

The variable overhead rate variance is:

Accepted Answer

A) $240 U 
B) $220 U 
C) $220 F 
D) $240 F 
A) $240 U 
B) $220 U 
C) $220 F 
D) $240 F

Question 18

The materials price variance for June is:

Accepted Answer

A) $3,332 F 
B) $3,590 U 
C) $3,332 U 
D) $3,590 F 
A) $3,332 F 
B) $3,590 U 
C) $3,332 U 
D) $3,590 F

Question 19

The following data have been provided by Tiano Corporation:   Required:
Compute the variable overhead rate variances for lubricants and for supplies. Indicate whether each of the variances is favorable (F) or unfavorable (U). Show your work!

Accepted Answer

Lubricants:
Variable overhead rate varia

Question 20

The variable overhead rate variance for October is:

Accepted Answer

A) $33 F 
B) $35 U 
C) $35 F 
D) $33 U 
A) $33 F 
B) $35 U 
C) $35 F 
D) $33 U

The labor rate variance is:

The labor rate variance for March is:

The materials price variance is:

The following materials 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 materials price variance for the month? b. What is the materials quantity variance for the month?

The Cox Company uses standard costing. The following data are available for April: The standard quantity of material allowed for April production is:

The total number of units of Roff produced during August was:

The labor rate variance for June is:

The materials price variance for April is:

The labor rate variance for November is:

The direct materials quantity variance for May is:

The variable overhead rate variance for power is closest to:

What is the labor rate variance for the month?

The following standards have been established for a raw material used to make product P62: The following data pertain to a recent month's operations: Required: a. What is the materials price variance for the month? b. What is the materials quantity variance for the month?

The variable overhead rate variance is:

The materials price variance for June is:

The following data have been provided by Tiano Corporation: Required: Compute the variable overhead rate variances for lubricants and for supplies. Indicate whether each of the variances is favorable (F) or unfavorable (U). Show your work!

The variable overhead rate variance for October 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 is:

The labor rate variance for March is:

The materials price variance is:

The following materials 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 materials price variance for the month? b. What is the materials quantity variance for the month?

The Cox Company uses standard costing. The following data are available for April: The standard quantity of material allowed for April production is:

The total number of units of Roff produced during August was:

The labor rate variance for June is:

The materials price variance for April is:

The labor rate variance for November is:

The direct materials quantity variance for May is:

The variable overhead rate variance for power is closest to:

What is the labor rate variance for the month?

The following standards have been established for a raw material used to make product P62: The following data pertain to a recent month's operations: Required: a. What is the materials price variance for the month? b. What is the materials quantity variance for the month?

The variable overhead rate variance is:

The materials price variance for June is:

The following data have been provided by Tiano Corporation: Required: Compute the variable overhead rate variances for lubricants and for supplies. Indicate whether each of the variances is favorable (F) or unfavorable (U). Show your work!

The variable overhead rate variance for October 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