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Exam 8: Standard Cost Accounting--Materials, labor, and Factory Overhead

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Question 31

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The data below relate to the month of April for Monroe,Inc. ,which uses a standard cost system and a two-variance analysis of factory overhead: What was Monroe's production-volume variance for April?

A) $4,250 favorable
B) $4,250 unfavorable
C) $52,812.50 favorable
D) $52,812.50 unfavorable

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Question 32

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The following information is available from the Arugula Company: Assuming that Arugula uses a three-variance analysis of overhead variances,what is the efficiency variance?

A) $500 unfavorable
B) $475 unfavorable
C) $975 unfavorable
D) $175 unfavorable

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Question 33

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The following information pertains to the Braun Company for March: Using the four-variance method of factory overhead variance analysis,what is the variable overhead efficiency variance?

What type of direct material variances for price and quantity will arise if the actual number of pounds of materials used exceeds standard pounds allowed but actual cost was less than standard cost?

The following information pertains to the Braun Company for March: Using the four-variance method of factory overhead variance analysis,what is the fixed overhead spending variance?

Lee Company's direct labor costs for the month of February follow: What was Lee's standard direct labor rate?

The actual hourly rate paid above or below the standard hourly rate,multiplied by the actual number of hours worked is the:

In a three-variance method of factory overhead analysis,the variance that measures the difference between the factory overhead applied and the actual hours worked multiplied by the standard rate is the:

Thomas Company uses a standard cost system and recognizes the materials purchase price variance at the time materials are purchased.Information for raw materials for Product RBI for the month of October follows: What is the materials purchase price variance?

In the three-variance method of factory overhead analysis,what standard cost variance represents the difference between actual factory overhead incurred and budgeted factory overhead based on actual hours worked?

Ben's Climbing Gear,Inc.has direct material costs as follows: What was Ben's standard quantity of material allowed?

If a company uses a two-variance analysis for overhead variances and uses a predetermined rate for absorbing manufacturing overhead,the production-volume variance is the:

Which of the following is not likely to have caused a materials price variance?

Factors to be considered in setting materials standards include all of the following except:

Rhodes Corporation manufactures a product with the following standard costs: Standards are based on normal monthly production involving 2,000 direct labor hours (500 units of output). The following information pertains to the month of July: a.Compute the budgeted fixed overhead. b.Assuming Rhodes uses the two-variance method of analyzing factory overhead,computer the following variances for the month of July,indicating whether each variance is favorable or unfavorable: (1) Factory overhead flexible-budget variance (2) Factory overhead production-volume variance

A manufacturer generally wants to set a standard that:

RHO Company began its operations on January 1 and produces a single product that sells for $10.25 per unit.Standard capacity is 80,000 units per year.The 80,000 units were produced and 70,000 units were sold during the year. Manufacturing costs and selling and administrative expenses follow: What is the standard cost of manufacturing a unit of product?

Kale Corporation's budgeted fixed factory overhead costs are $25,000 per month plus a variable factory overhead rate of $8.00 per direct labor hour.The standard direct labor hours allowed for November production were 10,000.An analysis of the factory overhead indicates that in November Kale had a favorable flexible-budget variance of $1,500 and an unfavorable production-volume variance of $500.Kale uses a two-variance analysis of overhead variances. The actual factory overhead incurred in October is:

The following information pertains to Skandalis Company's production of one unit of its manufactured product during the month of June: (a)The materials price variance is recognized when materials are purchased.Compute materials price and quantity variances and labor rate and efficiency variances. (b)Prepare the journal entries to record: (1)the purchase of the materials, (2)putting materials into production,and (3)direct labor costs.

Earl Company's direct labor costs for the month of January follow: What was Earl's direct labor efficiency variance?