Question 1

Morocco Desk Co. purchases 6,000 feet of lumber at $6 per foot. The standard price for direct materials is $5. The entry to record the purchase and unfavorable direct materials price variance is​

Accepted Answer

The answer of Morocco Desk Co. purchases 6,000 feet of...

Question 2

Hsu Company produces a part with a standard of 5 yards of material per unit. The standard price of one yard of material is $8.50. During the month, 8,800 parts were manufactured, using 45,700 yards of material at a cost of $8.30.?Determine the 
(a) price variance, 
(b) quantity variance, and 
(c) cost variance.

Accepted Answer

(a) Price Variance =  ($8.30 -...

Question 3

Use this information to answer the questions that follow.
​
The standard costs and actual costs for factory overhead for the manufacture of 2,500 units of actual production are as follows:
​​
 
-The fixed factory overhead volume variance is

Accepted Answer

A)   $2,000 favorable
B)   $2,000 unfavorable
C)   $2,500 unfavorable
D)   $0E) B) and C)
F) A) and D)

Question 4

Favorable fixed factory overhead volume variances are never harmful, since achieving them encourages managers to run the factory above normal capacity.

Accepted Answer

A) True 
 B)False

Question 5

The standard costs and actual costs for direct materials for the manufacture of 2,500 actual units of product are as follows:Standard CostsDirect materials2,500 kilograms @ $8.50Actual CostsDirect materials2,600 kilograms @ $8.75​The direct materials quantity variance is

Accepted Answer

A)   $875 favorable variance
B)   $850 unfavorable variance
C)   $850 favorable variance
D)   $875 unfavorable varianceE) A) and D)
F) B) and D)

Question 6

Use this information for Zoyza Company to answer the questions that follow.
​
The following data are given for Zoyza Company:
​
  Overhead is applied on standard labor hours.
​​
-The fixed factory overhead volume variance is

Accepted Answer

A)   $73,250 unfavorable
B)   $73,250 favorable
C)   $59,400 favorable
D)   $59,400 unfavorableE) A) and C)
F) C) and D)

Question 7

Ruby Company produces a chair that requires 5 yards of material per unit. The standard price of one yard of material is $7.50. During the month, 8,500 chairs were manufactured, using 43,600 yards at a cost of $7.55 per yard.?Determine the 
(a) price variance, 
(b) quantity variance, and 
(c) cost variance.

Accepted Answer

(a) Price Variance =  ($7.50 -...

Question 8

At the end of the fiscal year, the variances from standard are usually transferred to the finished goods account.

Accepted Answer

A) True 
 B)False

Question 9

If the standard to produce a given amount of product is 1,000 units of direct materials at $11 and the actual is 800 units at $12, the direct materials price variance is $800 unfavorable.

Accepted Answer

A) True 
 B)False

Question 10

Match each of the following formulas or descriptions with the term (a-e)  it defines.
-(Actual Quantity - Standard Quantity)  × Standard Price

Accepted Answer

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

Question 11

The following are inputs and outputs to the help desk:​Operator trainingNumber of calls per dayMaintenance of computer equipmentNumber of operatorsNumber of complaints​Identify whether each is an input or an output to the help desk.

Accepted Answer

Operator training - inputNumbe...

Question 12

Use this information to answer the questions that follow.
​
  *Actual hours are equal to standard hours for units produced.​
-The total factory overhead cost variance is

Accepted Answer

A)   $4,866.75 unfavorable
B)   $4,866.75 favorable
C)   $8,981.75 favorable
D)   $8,981.75 unfavorableE) B) and D)
F) A) and B)

Question 13

The formula to compute the direct materials quantity variance is to calculate the difference between

Accepted Answer

A)   Actual Costs - Standard Costs
B)   Standard Costs - Actual Costs
C)   (Actual Quantity × Standard Price)  - Standard Costs
D)   Actual Costs - (Standard Price × Standard Costs) E) A) and B)
F) All of the above

Question 14

Standard and actual costs for direct labor for the manufacture of 300 units of product were as follows:​​  Determine the direct labor 
(a) time variance, 
(b) rate variance, and 
(c) total cost variance.

Accepted Answer

The answer of Standard and actual costs for direct labor...

Exam 22: Evaluating Variances From Standard Costs

Favorable fixed factory overhead volume variances are never harmful, since achieving them encourages managers to run the factory above normal capacity.

Correct Answer
verified

Correct Answer
verified
(a) Price Variance = ($7.50 -...
View Answer

Use this information for Zoyza Company to answer the questions that follow. The following data are given for Zoyza Company: Overhead is applied on standard labor hours. -The fixed factory overhead volume variance is

Correct Answer
verified

The following are inputs and outputs to the help desk:Operator trainingNumber of calls per dayMaintenance of computer equipmentNumber of operatorsNumber of complaintsIdentify whether each is an input or an output to the help desk.

Correct Answer
verified
Operator training - inputNumbe...
View Answer

The standard costs and actual costs for direct materials for the manufacture of 2,500 actual units of product are as follows:Standard CostsDirect materials2,500 kilograms @ $8.50Actual CostsDirect materials2,600 kilograms @ $8.75The direct materials quantity variance is

Correct Answer
verified

Use this information to answer the questions that follow. The standard costs and actual costs for factory overhead for the manufacture of 2,500 units of actual production are as follows: -The fixed factory overhead volume variance is

Correct Answer
verified

Match each of the following formulas or descriptions with the term (a-e) it defines. -(Actual Quantity - Standard Quantity) × Standard Price

Correct Answer
verified

If the standard to produce a given amount of product is 1,000 units of direct materials at $11 and the actual is 800 units at $12, the direct materials price variance is $800 unfavorable.

Correct Answer
verified

Morocco Desk Co. purchases 6,000 feet of lumber at $6 per foot. The standard price for direct materials is $5. The entry to record the purchase and unfavorable direct materials price variance is

Correct Answer
verified

At the end of the fiscal year, the variances from standard are usually transferred to the finished goods account.

Correct Answer
verified

Correct Answer
verified
(a) Price Variance = ($8.30 -...
View Answer

The formula to compute the direct materials quantity variance is to calculate the difference between

Correct Answer
verified

Use this information to answer the questions that follow. *Actual hours are equal to standard hours for units produced. -The total factory overhead cost variance is

Correct Answer
verified

Standard and actual costs for direct labor for the manufacture of 300 units of product were as follows: Determine the direct labor (a) time variance, (b) rate variance, and (c) total cost variance.

Correct Answer
verified

Exam 22: Evaluating Variances From Standard Costs

Favorable fixed factory overhead volume variances are never harmful, since achieving them encourages managers to run the factory above normal capacity.

Correct AnswerverifiedShow Answer

Correct Answerverified(a) Price Variance = ($7.50 -...View AnswerShow Answer

Use this information for Zoyza Company to answer the questions that follow. ​ The following data are given for Zoyza Company: ​ Overhead is applied on standard labor hours. ​​ -The fixed factory overhead volume variance is

Correct AnswerverifiedShow Answer

The following are inputs and outputs to the help desk:​Operator trainingNumber of calls per dayMaintenance of computer equipmentNumber of operatorsNumber of complaints​Identify whether each is an input or an output to the help desk.

Correct AnswerverifiedOperator training - inputNumbe...View AnswerShow Answer

The standard costs and actual costs for direct materials for the manufacture of 2,500 actual units of product are as follows:Standard CostsDirect materials2,500 kilograms @ $8.50Actual CostsDirect materials2,600 kilograms @ $8.75​The direct materials quantity variance is

Correct AnswerverifiedShow Answer

Use this information to answer the questions that follow. ​ The standard costs and actual costs for factory overhead for the manufacture of 2,500 units of actual production are as follows: ​​ -The fixed factory overhead volume variance is

Correct AnswerverifiedShow Answer

Match each of the following formulas or descriptions with the term (a-e) it defines. -(Actual Quantity - Standard Quantity) × Standard Price

Correct AnswerverifiedShow Answer

If the standard to produce a given amount of product is 1,000 units of direct materials at $11 and the actual is 800 units at $12, the direct materials price variance is $800 unfavorable.

Correct AnswerverifiedShow Answer

Morocco Desk Co. purchases 6,000 feet of lumber at $6 per foot. The standard price for direct materials is $5. The entry to record the purchase and unfavorable direct materials price variance is​

Correct AnswerverifiedShow Answer

At the end of the fiscal year, the variances from standard are usually transferred to the finished goods account.

Correct AnswerverifiedShow Answer

Correct Answerverified(a) Price Variance = ($8.30 -...View AnswerShow Answer

The formula to compute the direct materials quantity variance is to calculate the difference between

Correct AnswerverifiedShow Answer

Use this information to answer the questions that follow. ​ *Actual hours are equal to standard hours for units produced.​ -The total factory overhead cost variance is

Correct AnswerverifiedShow Answer

Standard and actual costs for direct labor for the manufacture of 300 units of product were as follows:​​ Determine the direct labor (a) time variance, (b) rate variance, and (c) total cost variance.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified
(a) Price Variance = ($7.50 -...
View Answer

Use this information for Zoyza Company to answer the questions that follow. The following data are given for Zoyza Company: Overhead is applied on standard labor hours. -The fixed factory overhead volume variance is

Correct Answer
verified

The following are inputs and outputs to the help desk:Operator trainingNumber of calls per dayMaintenance of computer equipmentNumber of operatorsNumber of complaintsIdentify whether each is an input or an output to the help desk.

Correct Answer
verified
Operator training - inputNumbe...
View Answer

The standard costs and actual costs for direct materials for the manufacture of 2,500 actual units of product are as follows:Standard CostsDirect materials2,500 kilograms @ $8.50Actual CostsDirect materials2,600 kilograms @ $8.75The direct materials quantity variance is

Correct Answer
verified

Use this information to answer the questions that follow. The standard costs and actual costs for factory overhead for the manufacture of 2,500 units of actual production are as follows: -The fixed factory overhead volume variance is

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Morocco Desk Co. purchases 6,000 feet of lumber at $6 per foot. The standard price for direct materials is $5. The entry to record the purchase and unfavorable direct materials price variance is

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
(a) Price Variance = ($8.30 -...
View Answer

Correct Answer
verified

Use this information to answer the questions that follow. *Actual hours are equal to standard hours for units produced. -The total factory overhead cost variance is

Correct Answer
verified

Standard and actual costs for direct labor for the manufacture of 300 units of product were as follows: Determine the direct labor (a) time variance, (b) rate variance, and (c) total cost variance.

Correct Answer
verified