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50.
Controlling the materials price variance is usually the responsibility of:
51.
Controlling the materials quantity variance is usually the responsibility of:
52.
There is an unfavorable labor efficiency variance when:
53.
If the actual cost per pound of direct material is less than the standard cost per pound,
there is:
54.
The calculation of the labor rate variance is:
55.
If the actual amount of direct materials used in production was less than the standard
amount allowed for units produced, there was:
56.
If the hourly wage rate actually paid during January is higher than the standard rate, the
result is:
57.
The calculation of the labor efficiency variance is:
58.
Using more direct labor hours for units produced than the amount allowed by the standard
results in:
James Inc.'s flexible budget for June, based upon actual output, called for the use of 10,500
pounds of materials at a standard cost of $7.40 per pound. The Production Department
actually used 10,700 pounds of materials costing $7.10 per pound during June.
59.
Refer to the information above. James's materials price variance for June is:
60.
Refer to the information above. The materials quantity variance for James's June
operations is:
61.
Refer to the information above. The journal entry to record the cost of direct materials used
in June includes each of the following
except
:
24-27
62.
Greenleaf's flexible budget for June, based on actual output, called for the use of 10,000
square feet of materials at a standard cost of $9.90 per square foot. Company records
show that the actual price paid for the materials used in June was $9.70 per square foot,
and that the direct materials price variance for the month was $2,090 favorable. The
materials quantity variance for Greenleaf's June operations was:
Maple Company's flexible budget, based upon the number of equivalent units produced,
called for the use of 5,000 square yards of fabric at a standard cost of $2.45 per square
yard. The Production Department actually used 5,200 square yards costing $2.35 per
square yard during June.
63.
Refer to the information above. The materials price variance for Maple Company for June
is:
64.
Refer to the information above. The materials quantity variance for Maple Company for
June is:
24-29
65.
Refer to the information above. The journal entry to record the cost of direct materials used
in June includes:
66.
Refer to the information above. With respect to materials costs, the supervisor of the
Production Department should be held responsible for:
Roman Mfg.'s July production involved actual direct labor costs of $46,287 for 3,700 direct
labor hours. The budget for the July level of production called for 3,800 direct labor hours at
$12.50 per hour, using a standard cost system.
67.
Refer to the information above. With respect to labor costs, Roman's production manager is
responsible for:
68.
Refer to the information above. Roman's labor rate variance for July is:
69.
Refer to the information above. Roman's labor efficiency variance for July is:
70.
Refer to the information above. Which of the following is the most likely explanation for the
types of labor variances resulting from Roman's July operations?
Eagle Company uses a standard cost system which has provided the following data:
71.
Refer to the information above. The direct labor rate variance for the period was:
72.
Refer to the information above. The direct labor efficiency variance for the period was:
73.
Refer to the information above. The journal entry to record the cost of direct labor used in
this period includes:
74.
The use of inexpensive, low quality, materials often results in:
75.
Excessive overtime hours worked by direct labor workers often results in:
76.
Unfavorable standard cost variances are normally closed at the end of the period by:
77.
Favorable standard cost variances are normally closed at the end of the period by:
78.
A large favorable variance from standard costs at the end of the year should be:
79.
In a standard cost system, finished goods are reported in:
80.
EJB Company used a "normal" production level of 10,000 units to determine the standard
per-unit cost of manufacturing overhead. Which of the following is
not
true?
81.
The total overhead variance is the difference between:
82.
Factory overhead variances are usually recorded when:
83.
A supervisor's salary is an example of:
84.
The overhead spending variance:
Cooper Corporation produces decorator wall coverings. Budgeted production is 240,000
square feet per month, and the standard direct labor requirement to make this amount is
6,000 hours. All overhead is allocated based on direct labor hours. The following
information is available:
85.
Refer to the information above. The journal entry to apply overhead to Work in Process
Inventory for the month included:
86.
Refer to the information above. The overhead spending variance for the month in question
was:
87.
Refer to the information above. The overhead volume variance for the month in question
was:
