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The following information was taken from the annual manufacturing overhead cost budget of Fergie Manufacturing. Variable manufacturing overhead costs $92,400 Fixed manufacturing overhead costs $55,440 Normal production level in labor hours 30,800 Normal production level in units 5,775 Standard labor hours per unit 4 During the year, 5,600 units were produced, 18,340 hours were worked, and the actual manufacturing overhead was $151,200. Actual fixed manufacturing overhead costs equaled budgeted fixed manufacturing overhead costs. Overhead is applied on the basis of direct labor hours. Fergie’s total overhead variance is a. $1,680 U. b. $6,160 U. c. $7,840 U. d. $22,400 U. a178. The following information was taken from the annual manufacturing overhead cost budget of Fergie Manufacturing. Variable manufacturing overhead costs $92,400 Fixed manufacturing overhead costs $55,440 Normal production level in labor hours 30,800 Normal production level in units 5,775 Standard labor hours per unit 4 During the year, 5,600 units were produced, 18,340 hours were worked, and the actual manufacturing overhead was $151,200. Actual fixed manufacturing overhead costs equaled budgeted fixed manufacturing overhead costs. Overhead is applied on the basis of direct labor hours. Fergie’s controllable overhead variance is a. $1,680 U. b. $6,160 U. c. $7,840 U. d. $22,400 U. a179. The following information was taken from the annual manufacturing overhead cost budget of Fergie Manufacturing. Variable manufacturing overhead costs $92,400 Fixed manufacturing overhead costs $55,440 Normal production level in labor hours 30,800 Normal production level in units 5,775 Standard labor hours per unit 4 During the year, 5,600 units were produced, 18,340 hours were worked, and the actual manufacturing overhead was $151,200. Actual fixed manufacturing overhead costs equaled budgeted fixed manufacturing overhead costs. Overhead is applied on the basis of direct labor hours. Fergie’s volume overhead variance is a. $1,680 U. b. $6,160 U. c. $7,840 U. d. $22,400 U. 180. All of the following are advantages of standard costs except they a. facilitate management planning. b. are useful in setting selling prices. c. simplify costing in inventories. d. increase net income. 181. Standards based on the optimum level of performance under perfect operating conditions are a. attainable standards. b. ideal standards. c. normal standards. d. practical standards. 182. The direct materials price standard should include an amount for all of the following except a. receiving costs. b. storing costs. c. handling costs. d. normal spoilage costs. 183. The standard unit cost is used in the calculation of which of the following variances? Materials Price Variance Materials Quantity Variance a. No No b. No Yes c. Yes No d. Yes Yes 184. The difference between the actual labor rate multiplied by the actual labor hours worked and the standard labor rate multiplied by the standard labor hours is the a. total labor variance. b. labor price variance. c. labor quantity variance. d. labor efficiency variance. 185. The formula for the labor price variance is a. (AH) x (SR) less (SH) x (SR). b. (AH) x (AR) less (AH) x (SR). c. (AH) x (AR) less (SH) x (SR). d. (AH) x (SR) less (AH) x (SR). 186. Which department is usually responsible for a labor price variance attributable to misallocation of workers? a. Quality control b. Purchasing c. Engineering d. Production 187. In reporting variances, a. promptness is relatively unimportant. b. management normally investigates all variances. c. the reports should facilitate management by exception. d. the reports are not departmentalized. Ans: C, LO: 6, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Industry/Sector Perspective, AICPA FN: Measurement, AICPA PC: None, IMA: Cost Management a188. A standard cost system may be used in Job Order Costing Process Costing a. No No b. Yes No c. No Yes d. Yes Yes a189. The formula for computing the overhead volume variance is a. fixed overhead rate times (actual hours less standard hours allowed). b. variable overhead rate times (actual hours less standard hours allowed). c. fixed overhead rate times (normal capacity hours less standard hours allowed). d. variable overhead rate times (normal capacity hours less standard hours allowed). a190. The overhead controllable variance is the difference between the a. budgeted overhead based on standard hours allowed and the overhead applied to production. b. budgeted overhead based on standard hours allowed and budgeted overhead based on actual hours worked. c. actual overhead and the overhead applied to production. d. actual overhead and budgeted overhead based on standard hours allowed.

The following information was taken from the annual manufacturing overhead cost budget of Fergie Manufacturing.

Variable manufacturing overhead costs $92,400

Fixed manufacturing overhead costs $55,440

Normal production level in labor hours 30,800

Normal production level in units 5,775

Standard labor hours per unit 4

During the year, 5,600 units were produced, 18,340 hours were worked, and the actual manufacturing overhead was $151,200. Actual fixed manufacturing overhead costs equaled budgeted fixed manufacturing overhead costs. Overhead is applied on the basis of direct labor hours. Fergie’s total overhead variance is

a. $1,680 U.

b. $6,160 U.

c. $7,840 U.

d. $22,400 U.

a178. The following information was taken from the annual manufacturing overhead cost budget of Fergie Manufacturing.

Variable manufacturing overhead costs $92,400

Fixed manufacturing overhead costs $55,440

Normal production level in labor hours 30,800

Normal production level in units 5,775

Standard labor hours per unit 4

During the year, 5,600 units were produced, 18,340 hours were worked, and the actual manufacturing overhead was $151,200. Actual fixed manufacturing overhead costs equaled budgeted fixed manufacturing overhead costs. Overhead is applied on the basis of direct labor hours. Fergie’s controllable overhead variance is

a. $1,680 U.

b. $6,160 U.

c. $7,840 U.

d. $22,400 U.

a179. The following information was taken from the annual manufacturing overhead cost budget of Fergie Manufacturing.

Variable manufacturing overhead costs $92,400

Fixed manufacturing overhead costs $55,440

Normal production level in labor hours 30,800

Normal production level in units 5,775

Standard labor hours per unit 4

During the year, 5,600 units were produced, 18,340 hours were worked, and the actual manufacturing overhead was $151,200. Actual fixed manufacturing overhead costs equaled budgeted fixed manufacturing overhead costs. Overhead is applied on the basis of direct labor hours. Fergie’s volume overhead variance is

a. $1,680 U.

b. $6,160 U.

c. $7,840 U.

d. $22,400 U.

180. All of the following are advantages of standard costs except they

a. facilitate management planning.

b. are useful in setting selling prices.

c. simplify costing in inventories.

d. increase net income.

181. Standards based on the optimum level of performance under perfect operating conditions are

a. attainable standards.

b. ideal standards.

c. normal standards.

d. practical standards.

182. The direct materials price standard should include an amount for all of the following except

a. receiving costs.

b. storing costs.

c. handling costs.

d. normal spoilage costs.

 

183. The standard unit cost is used in the calculation of which of the following variances?

Materials Price Variance Materials Quantity Variance

a. No No

b. No Yes

c. Yes No

d. Yes Yes

184. The difference between the actual labor rate multiplied by the actual labor hours worked and the standard labor rate multiplied by the standard labor hours is the

a. total labor variance.

b. labor price variance.

c. labor quantity variance.

d. labor efficiency variance.

185. The formula for the labor price variance is

a. (AH) x (SR) less (SH) x (SR).

b. (AH) x (AR) less (AH) x (SR).

c. (AH) x (AR) less (SH) x (SR).

d. (AH) x (SR) less (AH) x (SR).

186. Which department is usually responsible for a labor price variance attributable to misallocation of workers?

a. Quality control

b. Purchasing

c. Engineering

d. Production

187. In reporting variances,

a. promptness is relatively unimportant.

b. management normally investigates all variances.

c. the reports should facilitate management by exception.

d. the reports are not departmentalized.

Ans: C, LO: 6, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Industry/Sector Perspective, AICPA FN: Measurement, AICPA PC: None, IMA: Cost Management

a188. A standard cost system may be used in

Job Order Costing Process Costing

a. No No

b. Yes No

c. No Yes

d. Yes Yes

 

a189. The formula for computing the overhead volume variance is

a. fixed overhead rate times (actual hours less standard hours allowed).

b. variable overhead rate times (actual hours less standard hours allowed).

c. fixed overhead rate times (normal capacity hours less standard hours allowed).

d. variable overhead rate times (normal capacity hours less standard hours allowed).

a190. The overhead controllable variance is the difference between the

a. budgeted overhead based on standard hours allowed and the overhead applied to production.

b. budgeted overhead based on standard hours allowed and budgeted overhead based on actual hours worked.

c. actual overhead and the overhead applied to production.

d. actual overhead and budgeted overhead based on standard hours allowed.

 

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