FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 22: Evaluating Variances From Standard Costs

Show Answer

Share

---

All types

Filters

Study FlashcardsPractice ExamLearn

Question 71

Multiple Choice

Review LaterAdd Note

Review Later

Match each of the following formulas or descriptions with the term (a-e) it defines. -(Actual Rate per Hour - Standard Rate per Hour) × Actual Hours

A) Direct materials price variance
B) Direct labor rate variance
C) Direct labor time variance
D) Direct materials quantity variance
E) Budgeted variable factory overhead

F) None of the above
G) B) and D)

Correct Answer

verified

Show Answer

Question 72

Multiple Choice

Review LaterAdd Note

Review Later

Match each of the following formulas or descriptions with the term (a-e) it defines. -Standard variable overhead for actual units produced

A) Direct materials price variance
B) Direct labor rate variance
C) Direct labor time variance
D) Direct materials quantity variance
E) Budgeted variable factory overhead

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

Correct Answer

verified

Show Answer

Question 73

Multiple Choice

Review LaterAdd Note

Assuming that the standard fixed overhead rate is based on full capacity, the cost of available but unused productive capacity is indicated by the

Rosser Company produces a container that requires 4 yards of material per unit. The standard price of one yard of material is $4.50. During the month, 9,500 chairs were manufactured using 37,300 yards of material.​Journalize the entry to record the standard direct materials used in production.

The following data are given for Bahia Company:​ Overhead is applied on standard labor hours.The variable factory overhead controllable variance is

Use this information for Stringer Company to answer the questions that follow. ​The following data are given for Stringer Company: ​ Overhead is applied on standard labor hours. -The direct materials quantity variance is

Sally's Chocolate Company makes gourmet cupcakes that are sold by the dozen. Compute the standard cost for one dozen cupcakes, based on the following standards:​

The formula to compute the direct labor rate variance is to calculate the difference between

The standard costs and actual costs for direct labor for the manufacture of 2,500 actual units of product are as follows:Standard CostsDirect labor7,500 hours @ $11.80Actual CostsDirect labor7,400 hours @ $11.40The direct labor rate variance is

Compute the standard cost for one pair of boots, based on the following standards for each pair of boots:​

A favorable cost variance occurs when

-Calculate the direct materials quantity variance.

A budget performance report compares actual results with the budgeted amounts and reports differences for possible investigation.

In most businesses, cost standards are established principally by accountants.

Which of the following conditions normally would not indicate that standard costs should be revised?

Standard costs are used in companies for a variety of reasons. Which of the following is not one of the benefits of using standard costs?

Using the following information, prepare a factory overhead cost budget for Jacob Company where the total factory overhead cost is $206,500 at normal capacity (100%). Include capacity at 60%, 80%, 100%, and 120%. Total variable cost is $15.25 per unit, and total fixed costs are $54,000. The information is for the month ended October 31. (Hint: Determine units produced at normal capacity.)

A company should only use nonfinancial performance measures when financial measures cannot be calculated.

Use this information for Stringer Company to answer the questions that follow. ​The following data are given for Stringer Company: ​ Overhead is applied on standard labor hours. -The direct materials price variance is

-The direct labor rate variance is