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A company uses 20,000 pounds of materials for which it paid \$6.00 a pound. The materials price variance was \$15,000 unfavorable. What is the standard price per pound?

a. \$0.75

b. \$5.25

c. \$6.00

d. \$6.75

102. If the materials price variance is \$3,600 F and the materials quantity and labor variances are each \$2,700 U, what is the total materials variance?

a. \$3,600 F

b. \$2,700 U

c. \$900 F

d. \$4,050 U

103. Edgar, Inc. has a materials price standard of \$2.00 per pound. Six thousand pounds of materials were purchased at \$2.20 a pound. The actual quantity of materials used was 6,000 pounds, although the standard quantity allowed for the output was 5,400 pounds.

Edgar, Inc.’s materials price variance is

a. \$120 U.

b. \$1,200 U.

c. \$1,080 U.

d. \$1,200 F.

104. Edgar, Inc. has a materials price standard of \$2.00 per pound. Six thousand pounds of materials were purchased at \$2.20 a pound. The actual quantity of materials used was 6,000 pounds, although the standard quantity allowed for the output was 5,400 pounds.

Edgar, Inc.’s materials quantity variance is

a. \$1,200 U.

b. \$1,200 F.

c. \$1,320 F.

d. \$1,320 U.

105. Edgar, Inc. has a materials price standard of \$2.00 per pound. Six thousand pounds of materials were purchased at \$2.20 a pound. The actual quantity of materials used was 6,000 pounds, although the standard quantity allowed for the output was 5,400 pounds.

Edgar, Inc.’s total materials variance is

a. \$2,400 U.

b. \$2,400 F.

c. \$2,520 U.

d. \$2,520 F.

106. The standard quantity allowed for the units produced was 4,500 pounds, the standard price was \$2.50 per pound, and the materials quantity variance was \$375 favorable. Each unit uses 1 pound of materials. How many units were actually produced?

a. 4,350

b. 4,500

c. 11,625

d. 4,650

107. The matrix approach to variance analysis

a. will yield slightly different variances than the formula approach.

b. is more accurate than the formula approach.

c. does not separate the price and quantity variance calculations.

d. provides a convenient structure for determining each variance.

108. Labor efficiency is measured by the

a. materials quantity variance.

b. total labor variance.

c. labor quantity variance.

d. labor rate variance.

109. An unfavorable labor quantity variance may be caused by

a. paying workers higher wages than expected.

b. misallocation of workers.

c. worker fatigue or carelessness.

d. higher pay rates mandated by union contracts.

110. The investigation of materials price variance usually begins in the

a. first production department.

c. controller’s office.

d. accounts payable department.

111. The investigation of a materials quantity variance usually begins in the

a. production department.

c. sales department.

d. controller’s department.

112. If the labor quantity variance is unfavorable and the cause is inefficient use of direct labor, the responsibility rests with the

a. sales department.

b. production department.

c. budget office.

d. controller’s department.

113. Monster Company produces a product requiring 3 direct labor hours at \$16.00 per hour. During January, 2,000 products are produced using 6,300 direct labor hours. Monster’s actual payroll during January was \$98,280. What is the labor quantity variance?

a. \$2,280 U

b. \$4,800 F

c. \$2,520 F

d. \$4,800 U

114. A company developed the following per-unit standards for its product: 2 gallons of direct materials at \$8 per gallon. Last month, 3,000 gallons of direct materials were purchased for \$22,800. The direct materials price variance for last month was

a. \$22,800 favorable.

b. \$600 favorable.

c. \$1,200 favorable.

d. \$1,200 unfavorable.

115. The per-unit standards for direct materials are 2 pounds at \$5 per pound. Last month, 11,200 pounds of direct materials that actually cost \$53,000 were used to produce 6,000 units of product. The direct materials quantity variance for last month was

a. \$4,000 favorable.

b. \$3,000 favorable.

c. \$4,000 unfavorable.

d. \$7,000 unfavorable.

116. The per-unit standards for direct labor are 1.5 direct labor hours at \$15 per hour. If in producing 2,400 units, the actual direct labor cost was \$46,000 for 3,000 direct labor hours worked, the total direct labor variance is

a. \$2,400 unfavorable.

b. \$8,000 favorable.

c. \$5,000 unfavorable.

d. \$8,000 unfavorable.

117. The standard rate of pay is \$12 per direct labor hour. If the actual direct labor payroll was \$47,040 for 4,000 direct labor hours worked, the direct labor price (rate) variance is

a. \$960 unfavorable.

b. \$960 favorable.

c. \$1,200 unfavorable.

d. \$1,200 favorable.

118. The standard number of hours that should have been worked for the output attained is 10,000 direct labor hours and the actual number of direct labor hours worked was 10,500. If the direct labor price variance was \$10,500 unfavorable, and the standard rate of pay was \$12 per direct labor hour, what was the actual rate of pay for direct labor?

a. \$11 per direct labor hour

b. \$9 per direct labor hour

c. \$13 per direct labor hour

d. \$12 per direct labor hour

119. A company purchases 12,000 pounds of materials. The materials price variance is \$6,000 favorable. What is the difference between the standard and actual price paid for the materials?

a. \$1.00

b. \$.50

c. \$2.00

d. \$6.00

120. A company uses 40,000 gallons of materials for which they paid \$7.00 a gallon. The materials price variance was \$80,000 favorable. What is the standard price per gallon?

a. \$2

b. \$5

c. \$7

d. \$9

121. All Urban Company produces a product requiring 4 pounds of material costing \$3.50 per pound. During December, All Urban purchased 4,200 pounds of material for \$14,112 and used the material to produce 500 products. What was the materials price variance for December?

a. \$560 F

b. \$588 F

c. \$112 U

d. \$672 U

122. Shipp, Inc. manufactures a product requiring two pounds of direct material. During 2013, Shipp purchases 24,000 pounds of material for \$99,200 when the standard price per pound is \$4. During 2013, Shipp uses 22,000 pounds to make 12,000 products. The standard direct material cost per unit of finished product is

a. \$8.27.

b. \$9.01.

c. \$8.00.

d. \$8.53.

123. Clark Company manufactures a product with a standard direct labor cost of two hours at \$18.00 per hour. During July, 2,000 units were produced using 4,200 hours at \$18.30 per hour. The labor quantity variance was

a. \$3,660 F.

b. \$3,600 U.

c. \$2,460 U.

d. \$3,660 U.

124. Clark Company manufactures a product with a standard direct labor cost of two hours at \$18.00 per hour. During July, 2,000 units were produced using 4,200 hours at \$18.30 per hour. The labor price variance was

a. \$1,260 U.

b. \$4,860 U.

c. \$4,860 F.

d. \$3,600 U.

125. A company developed the following per unit materials standards for its product: 3 pounds of direct materials at \$5 per pound. If 12,000 units of product were produced last month and 37,500 pounds of direct materials were used, the direct materials quantity variance was

a. \$4,500 favorable.

b. \$7,500 unfavorable.

c. \$4,500 unfavorable.

d. \$7,500 favorable.

126. The standard direct labor cost for producing one unit of product is 5 direct labor hours at a standard rate of pay of \$20. Last month, 15,000 units were produced and 73,500 direct labor hours were actually worked at a total cost of \$1,350,000. The direct labor quantity variance was

a. \$30,000 unfavorable.

b. \$45,000 unfavorable.

c. \$45,000 favorable.

d. \$30,000 favorable.

127. Atkins, Inc. produces a product requiring 8 pounds of material at \$1.50 per pound. Atkins produced 10,000 units of this product during 2013 resulting in a \$30,000 unfavorable materials quantity variance. How many pounds of direct material did Atkins use during 2013?

a. 100,000 pounds

b. 80,000 pounds

c. 160,000 pounds

d. 125,000 pounds

128. Dillon has a standard of 1.5 pounds of materials per unit, at \$6 per pound. In producing 2,000 units, Dillon used 3,100 pounds of materials at a total cost of \$18,135. Dillon’s total variance is

a. \$450 F.

b. \$135 U.

c. \$465 U.

d. \$600 U.

129. Dillon has a standard of 1.5 pounds of materials per unit, at \$6 per pound. In producing 2,000 units, Dillon used 3,100 pounds of materials at a total cost of \$18,135. Dillon’s materials price variance is

a. \$135 U.

b. \$465 F.

c. \$600 F.

d. \$1,050 F.

130. Dillon has a standard of 1.5 pounds of materials per unit, at \$6 per pound. In producing 2,000 units, Dillon used 3,100 pounds of materials at a total cost of \$18,135. Dillon’s materials quantity variance is

a. \$135 F.

b. \$465 U.

c. \$600 U.

d. \$1,050 U.

131. Dillon has a standard of 2 hours of labor per unit, at \$12 per hour. In producing 2,000 units, Dillon used 3,850 hours of labor at a total cost of \$46,970. Dillon’s total labor variance is

a. \$1,030 U.

b. \$800 U.

c. \$-1,030 F.

d. \$1,930 F.

132. Dillon has a standard of 2 hours of labor per unit, at \$12 per hour. In producing 2,000 units, Dillon used 3,850 hours of labor at a total cost of \$46,970. Dillon’s labor price variance is

a. \$770 U.

b. \$800 U.

c. \$1,030 F.

d. \$1,930 F.

133. Dillon has a standard of 2 hours of labor per unit, at \$12 per hour. In producing 2,000 units, Dillon used 3,850 hours of labor at a total cost of \$46,970. Dillon’s labor quantity variance is

a. \$770 U.

b. \$770 F.

c. \$1,800 F.

d. \$1,930 F.

134. Which one of the following describes the total overhead variance?

a. The difference between what was actually incurred and the flexible budget amount

b. The difference between what was actually incurred and overhead applied

c. The difference between the overhead applied and the flexible budget amount

d. The difference between what was actually incurred and the total production budget

135. Manufacturing overhead costs are applied to work in process on the basis of

a. actual hours worked.

b. standard hours allowed.

c. ratio of actual variable to fixed costs.

136. The total overhead varianceis the difference between the

a. actual overhead costs and overhead costs applied based on standard hours allowed.

b. actual overhead costs and overhead costs applied based on actual hours.

c. overhead costs applied based on actual hoursand overhead costs applied based on standard hours allowed.

d. the actual overhead costs and the standard direct labor costs.

137. The predetermined overhead rate for Zane Company is \$5, comprised of a variable overhead rate of \$3 and a fixed rate of \$2. The amount of budgeted overhead costs at normal capacity of \$150,000 was divided by normal capacity of 30,000 direct labor hours, to arrive at the predetermined overhead rate of \$5. Actual overhead for June was \$9,500 variable and \$6,050 fixed, and standard hours allowed for the product produced in June was 3,000 hours. The total overhead variance is

a. \$3,050 F.

b. \$550 F.

c. \$550 U.

d. \$3,050 U.

138. The predetermined overhead rate for Zane Company is \$5, comprised of a variable overhead rate of \$3 and a fixed rate of \$2. The amount of budgeted overhead costs at normal capacity of \$150,000 was divided by normal capacity of 30,000 direct labor hours, to arrive at the predetermined overhead rate of \$5. Actual overhead for June was \$8,900 variable and \$5,400 fixed, and 1,500 units were produced. The direct labor standard is 2 hours per unit produced. The total overhead variance is

a. \$1,800 F.

b. \$700 F.

c. \$700 U.

d. \$1,800 U.

139. Which of the following is true?

a. The form, content, and frequency of variance reports vary considerably among companies.

b. The form, content, and frequency of variance reports do not vary among companies.

c. The form and content of variance reports vary considerably among companies, but the frequency is always weekly.

d. The form and content of variance reports are consistent among companies, but the frequency varies.

140. Denmark Corporation’s variance report for the purchasing department reports 1,000 units of material A purchased and 2,400 units of material B purchased. It also reports standard prices of \$2 for Material A and \$3 for Material B. Actual prices reported are \$2.10 for Material A and \$2.80 for Material B. Denmark should report a total price variance of

a. \$380 F.

b. \$340 F.

c. \$340 U.

d. \$380 U.

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