Filters
Question type
Study Flashcards

The following information relates to the direct labor at Padmaja Manufacturing,Inc.for March: The following information relates to the direct labor at Padmaja Manufacturing,Inc.for March: During March,Padmaja produced 2,100 units.What is Padmaja's labor efficiency variance for March? A) $1,575 Favorable B) $2,625 Unfavorable C) $3,675 Unfavorable D) $3,780 Unfavorable During March,Padmaja produced 2,100 units.What is Padmaja's labor efficiency variance for March?


A) $1,575 Favorable
B) $2,625 Unfavorable
C) $3,675 Unfavorable
D) $3,780 Unfavorable

E) A) and B)
F) A) and C)

Correct Answer

verifed

verified

The following standards for variable manufacturing overhead have been established for a company that makes only one product: The following standards for variable manufacturing overhead have been established for a company that makes only one product: The following data pertain to operations for the last month: What is the variable overhead rate variance for the month? A) $2,724 U B) $3,492 U C) $840 F D) $768 U The following data pertain to operations for the last month: The following standards for variable manufacturing overhead have been established for a company that makes only one product: The following data pertain to operations for the last month: What is the variable overhead rate variance for the month? A) $2,724 U B) $3,492 U C) $840 F D) $768 U What is the variable overhead rate variance for the month?


A) $2,724 U
B) $3,492 U
C) $840 F
D) $768 U

E) B) and C)
F) A) and B)

Correct Answer

verifed

verified

Tharaldson Corporation makes a product with the following standard costs: Tharaldson Corporation makes a product with the following standard costs: The company reported the following results concerning this product in June. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. -The materials quantity variance for June is: A) $2,242 U B) $2,242 F C) $2,360 U D) $2,360 F The company reported the following results concerning this product in June. Tharaldson Corporation makes a product with the following standard costs: The company reported the following results concerning this product in June. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. -The materials quantity variance for June is: A) $2,242 U B) $2,242 F C) $2,360 U D) $2,360 F The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. -The materials quantity variance for June is:


A) $2,242 U
B) $2,242 F
C) $2,360 U
D) $2,360 F

E) B) and C)
F) A) and D)

Correct Answer

verifed

verified

Hofbauer Inc. has provided the following data concerning one of the products in its standard cost system. Hofbauer Inc. has provided the following data concerning one of the products in its standard cost system. The company has reported the following actual results for the product for September: -The labor rate variance for the month is closest to: A) $672 U B) $616 U C) $672 F D) $616 F The company has reported the following actual results for the product for September: Hofbauer Inc. has provided the following data concerning one of the products in its standard cost system. The company has reported the following actual results for the product for September: -The labor rate variance for the month is closest to: A) $672 U B) $616 U C) $672 F D) $616 F -The labor rate variance for the month is closest to:


A) $672 U
B) $616 U
C) $672 F
D) $616 F

E) A) and D)
F) A) and C)

Correct Answer

verifed

verified

The following materials standards have been established for a particular product: The following materials standards have been established for a particular product: The following data pertain to operations concerning the product for the last month: The direct materials purchases variance is computed when the materials are purchased. -What is the materials price variance for the month? A) $480 F B) $430 F C) $430 U D) $480 U The following data pertain to operations concerning the product for the last month: The following materials standards have been established for a particular product: The following data pertain to operations concerning the product for the last month: The direct materials purchases variance is computed when the materials are purchased. -What is the materials price variance for the month? A) $480 F B) $430 F C) $430 U D) $480 U The direct materials purchases variance is computed when the materials are purchased. -What is the materials price variance for the month?


A) $480 F
B) $430 F
C) $430 U
D) $480 U

E) B) and C)
F) A) and D)

Correct Answer

verifed

verified

Mirabito Inc.has provided the following data concerning one of the products in its standard cost system.Variable manufacturing overhead is applied to products on the basis of direct labor-hours. Mirabito Inc.has provided the following data concerning one of the products in its standard cost system.Variable manufacturing overhead is applied to products on the basis of direct labor-hours. The company has reported the following actual results for the product for December: Required: a.Compute the materials price variance for December. b.Compute the materials quantity variance for December. c.Compute the labor rate variance for December. d.Compute the labor efficiency variance for December. e.Compute the variable overhead rate variance for December. f.Compute the variable overhead efficiency variance for December. The company has reported the following actual results for the product for December: Mirabito Inc.has provided the following data concerning one of the products in its standard cost system.Variable manufacturing overhead is applied to products on the basis of direct labor-hours. The company has reported the following actual results for the product for December: Required: a.Compute the materials price variance for December. b.Compute the materials quantity variance for December. c.Compute the labor rate variance for December. d.Compute the labor efficiency variance for December. e.Compute the variable overhead rate variance for December. f.Compute the variable overhead efficiency variance for December. Required: a.Compute the materials price variance for December. b.Compute the materials quantity variance for December. c.Compute the labor rate variance for December. d.Compute the labor efficiency variance for December. e.Compute the variable overhead rate variance for December. f.Compute the variable overhead efficiency variance for December.

Correct Answer

verifed

verified

a.Materials price variance = (AQ × AP)− ...

View Answer

Lacrue Inc. has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied to products on the basis of direct labor-hours. Lacrue Inc. has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied to products on the basis of direct labor-hours. -The standard hours allowed for the actual output is closest to: A) 1,480 hours B) 1,580 hours C) 1,520 hours D) 1,538 hours -The standard hours allowed for the actual output is closest to:


A) 1,480 hours
B) 1,580 hours
C) 1,520 hours
D) 1,538 hours

E) C) and D)
F) All of the above

Correct Answer

verifed

verified

Highfill Corporation's variable overhead is applied on the basis of direct labor-hours.The standard cost card for product D80D specifies 8.4 direct labor-hours per unit of D80D.The standard variable overhead rate is $5.60 per direct labor-hour.During the most recent month,800 units of product D80D were made and 6,800 direct labor-hours were worked. The actual variable overhead incurred was $41,140. Required: a.What was the variable overhead rate variance for the month? b.What was the variable overhead efficiency variance for the month?

Correct Answer

verifed

verified

a.Variable overhead rate variance = (AH ...

View Answer

Miguez Corporation makes a product with the following standard costs: Miguez Corporation makes a product with the following standard costs: The company budgeted for production of 2,600 units in September, but actual production was 2,500 units. The company used 5,440 liters of direct material and 1,680 direct labor-hours to produce this output. The company purchased 5,800 liters of the direct material at $7.20 per liter. The actual direct labor rate was $24.10 per hour and the actual variable overhead rate was $1.90 per hour. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. -The materials quantity variance for September is: A) $2,170 U B) $2,232 U C) $2,170 F D) $2,232 F The company budgeted for production of 2,600 units in September, but actual production was 2,500 units. The company used 5,440 liters of direct material and 1,680 direct labor-hours to produce this output. The company purchased 5,800 liters of the direct material at $7.20 per liter. The actual direct labor rate was $24.10 per hour and the actual variable overhead rate was $1.90 per hour. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. -The materials quantity variance for September is:


A) $2,170 U
B) $2,232 U
C) $2,170 F
D) $2,232 F

E) A) and B)
F) All of the above

Correct Answer

verifed

verified

Hardigree Corporation makes a product that has the following direct labor standards: Hardigree Corporation makes a product that has the following direct labor standards: In May the company's budgeted production was 8,900 units, but the actual production was 8,800 units. The company used 2,820 direct labor-hours to produce this output. The actual direct labor cost was $70,218. -The labor efficiency variance for May is: A) $4,482 U B) $4,482 F C) $4,140 U D) $4,140 F In May the company's budgeted production was 8,900 units, but the actual production was 8,800 units. The company used 2,820 direct labor-hours to produce this output. The actual direct labor cost was $70,218. -The labor efficiency variance for May is:


A) $4,482 U
B) $4,482 F
C) $4,140 U
D) $4,140 F

E) A) and B)
F) A) and C)

Correct Answer

verifed

verified

Suver Corporation has a standard costing system.The following data are available for June: Suver Corporation has a standard costing system.The following data are available for June: The actual price per pound of direct materials purchased in June was: A) $6.10 per pound B) $5.90 per pound C) $6.40 per pound D) $6.30 per pound The actual price per pound of direct materials purchased in June was:


A) $6.10 per pound
B) $5.90 per pound
C) $6.40 per pound
D) $6.30 per pound

E) A) and B)
F) A) and C)

Correct Answer

verifed

verified

Bulluck Corporation makes a product with the following standard costs: Bulluck Corporation makes a product with the following standard costs: The company reported the following results concerning this product in July. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. -The variable overhead rate variance for July is: A) $191 U B) $210 U C) $210 F D) $191 F The company reported the following results concerning this product in July. Bulluck Corporation makes a product with the following standard costs: The company reported the following results concerning this product in July. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. -The variable overhead rate variance for July is: A) $191 U B) $210 U C) $210 F D) $191 F The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. -The variable overhead rate variance for July is:


A) $191 U
B) $210 U
C) $210 F
D) $191 F

E) A) and C)
F) A) and D)

Correct Answer

verifed

verified

Doby Corporation makes a product with the following standard costs: Doby Corporation makes a product with the following standard costs: In July the company produced 4,800 units using 13,450 ounces of the direct material and 970 direct labor-hours.During the month the company purchased 14,600 ounces of the direct material at a price of $7.20 per ounce.The actual direct labor rate was $16.20 per hour and the actual variable overhead rate was $5.40 per hour.The materials price variance is computed when materials are purchased.Variable overhead is applied on the basis of direct labor-hours. Required: a.Compute the materials quantity variance. b.Compute the materials price variance. c.Compute the labor efficiency variance. d.Compute the labor rate variance. e.Compute the variable overhead efficiency variance. f.Compute the variable overhead rate variance. In July the company produced 4,800 units using 13,450 ounces of the direct material and 970 direct labor-hours.During the month the company purchased 14,600 ounces of the direct material at a price of $7.20 per ounce.The actual direct labor rate was $16.20 per hour and the actual variable overhead rate was $5.40 per hour.The materials price variance is computed when materials are purchased.Variable overhead is applied on the basis of direct labor-hours. Required: a.Compute the materials quantity variance. b.Compute the materials price variance. c.Compute the labor efficiency variance. d.Compute the labor rate variance. e.Compute the variable overhead efficiency variance. f.Compute the variable overhead rate variance.

Correct Answer

verifed

verified

a.SQ = 4,800 units × 2.7 ounces per unit...

View Answer

Juhasz Corporation makes a product with the following standards for direct labor and variable overhead: Juhasz Corporation makes a product with the following standards for direct labor and variable overhead: In August the company produced 7,900 units using 4,080 direct labor-hours. The actual variable overhead cost was $15,096. The company applies variable overhead on the basis of direct labor-hours. -The variable overhead rate variance for August is: A) $1,185 F B) $1,224 U C) $1,185 U D) $1,224 F In August the company produced 7,900 units using 4,080 direct labor-hours. The actual variable overhead cost was $15,096. The company applies variable overhead on the basis of direct labor-hours. -The variable overhead rate variance for August is:


A) $1,185 F
B) $1,224 U
C) $1,185 U
D) $1,224 F

E) C) and D)
F) All of the above

Correct Answer

verifed

verified

Bressman Inc. has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied to products on the basis of direct labor-hours. Bressman Inc. has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied to products on the basis of direct labor-hours. The company has reported the following actual results for the product for May: -The variable overhead efficiency variance for the month is closest to: A) $268 U B) $268 F C) $276 F D) $276 U The company has reported the following actual results for the product for May: Bressman Inc. has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied to products on the basis of direct labor-hours. The company has reported the following actual results for the product for May: -The variable overhead efficiency variance for the month is closest to: A) $268 U B) $268 F C) $276 F D) $276 U -The variable overhead efficiency variance for the month is closest to:


A) $268 U
B) $268 F
C) $276 F
D) $276 U

E) A) and D)
F) A) and B)

Correct Answer

verifed

verified

Krizun Industries makes heavy construction equipment.The standard for a particular crane calls for 20 direct labor-hours at $24 per direct labor-hour.During a recent period 875 cranes were made.The labor efficiency variance was $1,200 Unfavorable.How many actual direct labor-hours were worked?


A) 17,600 direct labor-hours
B) 17,450 direct labor-hours
C) 17,500 direct labor-hours
D) 17,550 direct labor-hours

E) All of the above
F) C) and D)

Correct Answer

verifed

verified

Kartman Corporation makes a product with the following standard costs: Kartman Corporation makes a product with the following standard costs: In June the company's budgeted production was 3,400 units but the actual production was 3,500 units. The company used 22,150 pounds of the direct material and 2,290 direct labor-hours to produce this output. During the month, the company purchased 25,400 pounds of the direct material at a cost of $170,180. The actual direct labor cost was $57,021 and the actual variable overhead cost was $8,931. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. -The materials quantity variance for June is: A) $4,200 F B) $4,200 U C) $4,020 U D) $4,020 F In June the company's budgeted production was 3,400 units but the actual production was 3,500 units. The company used 22,150 pounds of the direct material and 2,290 direct labor-hours to produce this output. During the month, the company purchased 25,400 pounds of the direct material at a cost of $170,180. The actual direct labor cost was $57,021 and the actual variable overhead cost was $8,931. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. -The materials quantity variance for June is:


A) $4,200 F
B) $4,200 U
C) $4,020 U
D) $4,020 F

E) A) and D)
F) B) and D)

Correct Answer

verifed

verified

Boldrin Inc.has a standard cost system.The standards for direct labor for one of its products specify 0.20 hours per unit at $18.70 per hour.The company has reported the following actual results for the product for August: Boldrin Inc.has a standard cost system.The standards for direct labor for one of its products specify 0.20 hours per unit at $18.70 per hour.The company has reported the following actual results for the product for August: Required: a.Compute the labor rate variance for August. b.Compute the labor efficiency variance for August. Required: a.Compute the labor rate variance for August. b.Compute the labor efficiency variance for August.

Correct Answer

verifed

verified

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

View Answer

Information on Westcott Corporation's direct labor costs for a recent month follows: Information on Westcott Corporation's direct labor costs for a recent month follows: What were the actual hours worked during the month,rounded to the nearest hour? A) 10,714 B) 11,120 C) 11,200 D) 11,914 What were the actual hours worked during the month,rounded to the nearest hour?


A) 10,714
B) 11,120
C) 11,200
D) 11,914

E) A) and D)
F) B) and C)

Correct Answer

verifed

verified

Kartman Corporation makes a product with the following standard costs: Kartman Corporation makes a product with the following standard costs: In June the company's budgeted production was 3,400 units but the actual production was 3,500 units. The company used 22,150 pounds of the direct material and 2,290 direct labor-hours to produce this output. During the month, the company purchased 25,400 pounds of the direct material at a cost of $170,180. The actual direct labor cost was $57,021 and the actual variable overhead cost was $8,931. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. -The materials price variance for June is: A) $7,620 U B) $6,825 U C) $6,825 F D) $7,620 F In June the company's budgeted production was 3,400 units but the actual production was 3,500 units. The company used 22,150 pounds of the direct material and 2,290 direct labor-hours to produce this output. During the month, the company purchased 25,400 pounds of the direct material at a cost of $170,180. The actual direct labor cost was $57,021 and the actual variable overhead cost was $8,931. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. -The materials price variance for June is:


A) $7,620 U
B) $6,825 U
C) $6,825 F
D) $7,620 F

E) C) and D)
F) A) and B)

Correct Answer

verifed

verified

Showing 81 - 100 of 247

Related Exams

Exam 1

Managerial Accounting and Cost Concepts

299 Questions

Exam 2

Job-Order Costing: Calculating Unit Production Costs

292 Questions

Exam 3

Job-Order Costing: Cost Flows and External Reporting

255 Questions

Exam 4

Process Costing

138 Questions

Exam 5

Cost-Volume-Profit Relationships

260 Questions

Exam 6

Variable Costing and Segment Reporting: Tools for Management

291 Questions

Exam 7

Super-Variable Costing

49 Questions

Exam 8

Master Budgeting

234 Questions

Exam 9

Flexible Budgets and Performance Analysis

417 Questions

Exam 11

Performance Measurement in Decentralized Organizations

180 Questions

Exam 12

Differential Analysis: The Key to Decision Making

203 Questions

Exam 13

Capital Budgeting Decisions

179 Questions

Exam 14

Statement of Cash Flows

132 Questions

Exam 15

Financial Statement Analysis

289 Questions

Exam 16

Cost of Quality

66 Questions

Exam 17

Activity-Based Absorption Costing

20 Questions

Exam 18

The Predetermined Overhead Rate and Capacity

42 Questions

Exam 19

Job-Order Costing: a Microsoft Excel-Based Approach

28 Questions

Exam 20

Fifo Method

100 Questions

Exam 21

Service Department Allocations

60 Questions

Exam 22

Analyzing Mixed Costs

81 Questions

Exam 23

Time-Driven Activity-Based Costing: a Microsoft Excel-Based Approach

123 Questions

Exam 24

Predetermined Overhead Rates and Overhead Analysis in a Standard Costing System

177 Questions

Exam 25

Standard Cost Systems: a Financial Reporting Perspective Using Microsoft Excel

138 Questions

Exam 26

Transfer Pricing

102 Questions

Exam 27

Service Department Charges

44 Questions

Exam 28

Pricing Decisions

149 Questions

Exam 29

The Concept of Present Value

16 Questions

Exam 30

Income Taxes and the Present Value Method

150 Questions

Exam 31

the Direct Method of Determining the Net Cash Provided by Operating Activities

56 Questions

Show Answer