Question 1

The materials quantity variance for December is:

Accepted Answer

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

Question 2

The variable overhead efficiency variance for June is:

Accepted Answer

A)  $185 F
B)  $200 U
C)  $185 U
D)  $200 FE) C) and D)
F) All of the above

Question 3

The variable overhead efficiency variance for March is:

Accepted Answer

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

Question 4

The materials price variance for July is:

Accepted Answer

A)  $22,080 U
B)  $19,950 U
C)  $22,080 F
D)  $19,950 FE) A) and B)
F) All of the above

Question 5

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

Accepted Answer

A) True 
 B)False

Question 6

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 informationE) C) and D)
F) None of the above

Question 7

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 8

The materials quantity variance for November is:

Accepted Answer

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

Question 9

The variable overhead rate variance for June is:

Accepted Answer

A)  $318 U
B)  $320 F
C)  $318 F
D)  $320 UE) A) and C)
F) All of the above

Question 10

The materials price variance for December is:

Accepted Answer

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

Question 11

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

Question 12

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 UE) None of the above
F) B) and C)

Question 13

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 14

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 UE) A) and B)
F) A) and C)

Question 15

The labor efficiency variance for February is:

Accepted Answer

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

Question 16

The materials quantity variance for June is:

Accepted Answer

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

Question 17

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 UE) C) and D)
F) A) and C)

Question 18

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 FE) A) and C)
F) A) and D)

Question 19

The labor rate variance for October is:

Accepted Answer

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

Question 20

The labor rate variance for September was:

Accepted Answer

A)  $1,530 unfavorable
B)  $980 favorable
C)  $280 favorable
D)  $980 unfavorableE) None of the above
F) B) and C)

Exam 12: Standard Costs and Variances

The labor rate variance for October is:

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

Correct Answer
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Correct Answer
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The labor rate variance for September was:

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

Correct Answer
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The materials quantity variance for December is:

Correct Answer
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The variable overhead rate variance for June is:

Correct Answer
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The variable overhead efficiency variance for June is:

Correct Answer
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The variable overhead efficiency variance for March is:

Correct Answer
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The materials quantity variance for November is:

Correct Answer
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The materials price variance for July is:

Correct Answer
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The variable overhead rate variance for May is:

Correct Answer
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What is the materials quantity variance for the month?

Correct Answer
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The materials price variance for December is:

Correct Answer
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The variable overhead rate variance for June is:

Correct Answer
verified

The materials quantity variance for June is:

Correct Answer
verified

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?

Correct Answer
verified
a. Labor rate variance = (AH × AR) - (AH...
View Answer

The labor efficiency variance for February is:

Correct Answer
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Correct Answer
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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?

Correct Answer
verified
a. Labor rate variance = (AH × AR) - (AH...
View Answer

Exam 12: Standard Costs and Variances

The labor rate variance for October is:

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

The labor rate variance for September was:

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

The materials quantity variance for December is:

Correct AnswerverifiedShow Answer

The variable overhead rate variance for June is:

Correct AnswerverifiedShow Answer

The variable overhead efficiency variance for June is:

Correct AnswerverifiedShow Answer

The variable overhead efficiency variance for March is:

Correct AnswerverifiedShow Answer

The materials quantity variance for November is:

Correct AnswerverifiedShow Answer

The materials price variance for July is:

Correct AnswerverifiedShow Answer

The variable overhead rate variance for May is:

Correct AnswerverifiedShow Answer

What is the materials quantity variance for the month?

Correct AnswerverifiedShow Answer

The materials price variance for December is:

Correct AnswerverifiedShow Answer

The variable overhead rate variance for June is:

Correct AnswerverifiedShow Answer

The materials quantity variance for June is:

Correct AnswerverifiedShow Answer

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?

Correct Answerverifieda. Labor rate variance = (AH × AR) - (AH...View AnswerShow Answer

The labor efficiency variance for February is:

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

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?

Correct Answerverifieda. Labor rate variance = (AH × AR) - (AH...View AnswerShow Answer

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

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
a. Labor rate variance = (AH × AR) - (AH...
View Answer