Filters
Question type
Study Flashcards

Termeer Inc. has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied to products on the basis of direct labor-hours. Termeer Inc. has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied to products on the basis of direct labor-hours. The company has reported the following actual results for the product for August: -The variable overhead rate variance for the month is closest to: A) $480 F B) $480 U C) $476 U D) $476 F The company has reported the following actual results for the product for August: Termeer Inc. has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied to products on the basis of direct labor-hours. The company has reported the following actual results for the product for August: -The variable overhead rate variance for the month is closest to: A) $480 F B) $480 U C) $476 U D) $476 F -The variable overhead rate variance for the month is closest to:


A) $480 F
B) $480 U
C) $476 U
D) $476 F

E) A) and C)
F) B) and D)

Correct Answer

verifed

verified

A partial standard cost card for the single product produced by Mercer Company is given below: Direct materials: 3 pounds @ $8 per pound Direct labor: ? hours @ ? per hour Last period the company produced 4,000 units of product.Cost and other data associated with this production are given below: A partial standard cost card for the single product produced by Mercer Company is given below: Direct materials: 3 pounds @ $8 per pound Direct labor: ? hours @ ? per hour Last period the company produced 4,000 units of product.Cost and other data associated with this production are given below: The direct materials purchases variance is computed when the materials are purchased. Required: a.Determine the number of pounds of direct materials purchased and used during the period. b.Determine the materials quantity variance. c.Determine the standard direct labor rate per direct labor hour. d.Determine the standard hours allowed for the production of the period. The direct materials purchases variance is computed when the materials are purchased. Required: a.Determine the number of pounds of direct materials purchased and used during the period. b.Determine the materials quantity variance. c.Determine the standard direct labor rate per direct labor hour. d.Determine the standard hours allowed for the production of the period.

Correct Answer

verifed

verified

a.Materials price variance = (AQ × AP)- ...

View Answer

Tharaldson Corporation makes a product with the following standard costs: Tharaldson Corporation makes a product with the following standard costs: The company reported the following results concerning this product in June. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. -The materials price variance for June is: A) $2,140 U B) $2,140 F C) $1,820 U D) $1,820 F The company reported the following results concerning this product in June. Tharaldson Corporation makes a product with the following standard costs: The company reported the following results concerning this product in June. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. -The materials price variance for June is: A) $2,140 U B) $2,140 F C) $1,820 U D) $1,820 F The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. -The materials price variance for June is:


A) $2,140 U
B) $2,140 F
C) $1,820 U
D) $1,820 F

E) B) and C)
F) A) and C)

Correct Answer

verifed

verified

Majer Corporation makes a product with the following standard costs: Majer Corporation makes a product with the following standard costs: The company reported the following results concerning this product in February. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. -The materials quantity variance for February is: A) $3,277 F B) $3,390 U C) $3,390 F D) $3,277 U The company reported the following results concerning this product in February. Majer Corporation makes a product with the following standard costs: The company reported the following results concerning this product in February. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. -The materials quantity variance for February is: A) $3,277 F B) $3,390 U C) $3,390 F D) $3,277 U The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. -The materials quantity variance for February is:


A) $3,277 F
B) $3,390 U
C) $3,390 F
D) $3,277 U

E) B) and D)
F) B) and C)

Correct Answer

verifed

verified

Handerson Corporation makes a product with the following standard costs: Handerson Corporation makes a product with the following standard costs: The company reported the following results concerning this product in August. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. -The labor efficiency variance for August is: A) $2,400 U B) $2,400 F C) $2,352 F D) $2,352 U The company reported the following results concerning this product in August. Handerson Corporation makes a product with the following standard costs: The company reported the following results concerning this product in August. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. -The labor efficiency variance for August is: A) $2,400 U B) $2,400 F C) $2,352 F D) $2,352 U The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. -The labor efficiency variance for August is:


A) $2,400 U
B) $2,400 F
C) $2,352 F
D) $2,352 U

E) B) and C)
F) A) and D)

Correct Answer

verifed

verified

Miguez Corporation makes a product with the following standard costs: Miguez Corporation makes a product with the following standard costs: The company budgeted for production of 2,600 units in September, but actual production was 2,500 units. The company used 5,440 liters of direct material and 1,680 direct labor-hours to produce this output. The company purchased 5,800 liters of the direct material at $7.20 per liter. The actual direct labor rate was $24.10 per hour and the actual variable overhead rate was $1.90 per hour. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. -The labor efficiency variance for September is: A) $1,540 F B) $1,687 U C) $1,687 F D) $1,540 U The company budgeted for production of 2,600 units in September, but actual production was 2,500 units. The company used 5,440 liters of direct material and 1,680 direct labor-hours to produce this output. The company purchased 5,800 liters of the direct material at $7.20 per liter. The actual direct labor rate was $24.10 per hour and the actual variable overhead rate was $1.90 per hour. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. -The labor efficiency variance for September is:


A) $1,540 F
B) $1,687 U
C) $1,687 F
D) $1,540 U

E) All of the above
F) None of the above

Correct Answer

verifed

verified

Miguez Corporation makes a product with the following standard costs: Miguez Corporation makes a product with the following standard costs: The company budgeted for production of 2,600 units in September, but actual production was 2,500 units. The company used 5,440 liters of direct material and 1,680 direct labor-hours to produce this output. The company purchased 5,800 liters of the direct material at $7.20 per liter. The actual direct labor rate was $24.10 per hour and the actual variable overhead rate was $1.90 per hour. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. -The variable overhead efficiency variance for September is: A) $140 U B) $140 F C) $133 F D) $133 U The company budgeted for production of 2,600 units in September, but actual production was 2,500 units. The company used 5,440 liters of direct material and 1,680 direct labor-hours to produce this output. The company purchased 5,800 liters of the direct material at $7.20 per liter. The actual direct labor rate was $24.10 per hour and the actual variable overhead rate was $1.90 per hour. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. -The variable overhead efficiency variance for September is:


A) $140 U
B) $140 F
C) $133 F
D) $133 U

E) All of the above
F) B) and C)

Correct Answer

verifed

verified

If the actual hourly rate is greater than the standard hourly rate,the labor rate variance is labeled unfavorable (U).

A) True
B) False

Correct Answer

verifed

verified

The Bowden Corporation makes a single product. Only one kind of direct material is used to make this product. The company uses a standard cost system. The company's cost records for June show the following data: The Bowden Corporation makes a single product. Only one kind of direct material is used to make this product. The company uses a standard cost system. The company's cost records for June show the following data: There were no beginning inventories of direct materials. -The actual cost of direct material was: A) $8.12 per pound B) $8.00 per pound C) $7.60 per pound D) $7.42 per pounds There were no beginning inventories of direct materials. -The actual cost of direct material was:


A) $8.12 per pound
B) $8.00 per pound
C) $7.60 per pound
D) $7.42 per pounds

E) None of the above
F) A) and B)

Correct Answer

verifed

verified

The following labor standards have been established for a particular product: The following labor standards have been established for a particular product: The following data pertain to operations concerning the product for the last month: -The labor rate variance for November is: A) $1,080 F B) $1,140 U C) $1,080 U D) $1,140 F The following data pertain to operations concerning the product for the last month: The following labor standards have been established for a particular product: The following data pertain to operations concerning the product for the last month: -The labor rate variance for November is: A) $1,080 F B) $1,140 U C) $1,080 U D) $1,140 F -The labor rate variance for November is:


A) $1,080 F
B) $1,140 U
C) $1,080 U
D) $1,140 F

E) A) and B)
F) A) and C)

Correct Answer

verifed

verified

Doogan Corporation makes a product with the following standard costs: Doogan Corporation makes a product with the following standard costs: The company produced 5,200 units in January using 39,310 grams of direct material and 2,380 direct labor-hours. During the month, the company purchased 44,400 grams of the direct material at $1.70 per gram. The actual direct labor rate was $19.30 per hour and the actual variable overhead rate was $6.80 per hour. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. -The variable overhead efficiency variance for January is: A) $1,496 F B) $1,496 U C) $1,540 U D) $1,540 F The company produced 5,200 units in January using 39,310 grams of direct material and 2,380 direct labor-hours. During the month, the company purchased 44,400 grams of the direct material at $1.70 per gram. The actual direct labor rate was $19.30 per hour and the actual variable overhead rate was $6.80 per hour. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. -The variable overhead efficiency variance for January is:


A) $1,496 F
B) $1,496 U
C) $1,540 U
D) $1,540 F

E) All of the above
F) A) and D)

Correct Answer

verifed

verified

A manufacturing company that has only one product has established the following standards for its variable manufacturing overhead. The company bases its variable manufacturing overhead standards on direct labor-hours. A manufacturing company that has only one product has established the following standards for its variable manufacturing overhead. The company bases its variable manufacturing overhead standards on direct labor-hours. The following data pertain to operations for the last month: -The variable overhead efficiency variance for July is: A) $600 U B) $540 U C) $540 F D) $600 F The following data pertain to operations for the last month: A manufacturing company that has only one product has established the following standards for its variable manufacturing overhead. The company bases its variable manufacturing overhead standards on direct labor-hours. The following data pertain to operations for the last month: -The variable overhead efficiency variance for July is: A) $600 U B) $540 U C) $540 F D) $600 F -The variable overhead efficiency variance for July is:


A) $600 U
B) $540 U
C) $540 F
D) $600 F

E) None of the above
F) A) and D)

Correct Answer

verifed

verified

Galeazzi Corporation makes a product with the following standard costs: Galeazzi Corporation makes a product with the following standard costs: In October the company produced 3,000 units using 8,380 pounds of the direct material and 2,610 direct labor-hours.During the month,the company purchased 9,500 pounds of the direct material at a total cost of $55,100.The actual direct labor cost for the month was $48,546 and the actual variable overhead cost was $16,965.The company applies variable overhead on the basis of direct labor-hours.The direct materials purchases variance is computed when the materials are purchased. Required: a.Compute the materials quantity variance. b.Compute the materials price variance. c.Compute the labor efficiency variance. d.Compute the labor rate variance. e.Compute the variable overhead efficiency variance. f.Compute the variable overhead rate variance. In October the company produced 3,000 units using 8,380 pounds of the direct material and 2,610 direct labor-hours.During the month,the company purchased 9,500 pounds of the direct material at a total cost of $55,100.The actual direct labor cost for the month was $48,546 and the actual variable overhead cost was $16,965.The company applies variable overhead on the basis of direct labor-hours.The direct materials purchases variance is computed when the materials are purchased. Required: a.Compute the materials quantity variance. b.Compute the materials price variance. c.Compute the labor efficiency variance. d.Compute the labor rate variance. e.Compute the variable overhead efficiency variance. f.Compute the variable overhead rate variance.

Correct Answer

verifed

verified

a.SQ = 3,000 units × 3.1 pounds per unit...

View Answer

Kropf Inc.has provided the following data concerning one of the products in its standard cost system.Variable manufacturing overhead is applied to products on the basis of direct labor-hours. Kropf Inc.has provided the following data concerning one of the products in its standard cost system.Variable manufacturing overhead is applied to products on the basis of direct labor-hours. The company has reported the following actual results for the product for September: Required: a.Compute the materials price variance for September. b.Compute the materials quantity variance for September. c.Compute the labor rate variance for September. d.Compute the labor efficiency variance for September. e.Compute the variable overhead rate variance for September. f.Compute the variable overhead efficiency variance for September. The company has reported the following actual results for the product for September: Kropf Inc.has provided the following data concerning one of the products in its standard cost system.Variable manufacturing overhead is applied to products on the basis of direct labor-hours. The company has reported the following actual results for the product for September: Required: a.Compute the materials price variance for September. b.Compute the materials quantity variance for September. c.Compute the labor rate variance for September. d.Compute the labor efficiency variance for September. e.Compute the variable overhead rate variance for September. f.Compute the variable overhead efficiency variance for September. Required: a.Compute the materials price variance for September. b.Compute the materials quantity variance for September. c.Compute the labor rate variance for September. d.Compute the labor efficiency variance for September. e.Compute the variable overhead rate variance for September. f.Compute the variable overhead efficiency variance for September.

Correct Answer

verifed

verified

a.Materials price variance = (AQ × AP)− ...

View Answer

Hermansen Corporation produces large commercial doors for warehouses and other facilities.In the most recent month,the company budgeted production of 5,100 doors.Actual production was 5,400 doors.According to standards,each door requires 3.8 machine-hours.The actual machine-hours for the month were 20,880 machine-hours.The standard supplies cost is $7.90 per machine-hour.The actual supplies cost for the month was $152,063.Supplies cost is an element of variable manufacturing overhead.The variable overhead efficiency variance for supplies cost is:


A) $10,045 F
B) $10,045 U
C) $2,844 F
D) $2,844 U

E) None of the above
F) All of the above

Correct Answer

verifed

verified

Reagen Corporation makes a product with the following standard costs: Reagen Corporation makes a product with the following standard costs: The company reported the following results concerning this product in December. The materials price variance is recognized when materials are purchased.Variable overhead is applied on the basis of direct labor-hours. Required: a.Compute the materials quantity variance. b.Compute the materials price variance. c.Compute the labor efficiency variance. d.Compute the labor rate variance. e.Compute the variable overhead efficiency variance. f.Compute the variable overhead rate variance. The company reported the following results concerning this product in December. Reagen Corporation makes a product with the following standard costs: The company reported the following results concerning this product in December. The materials price variance is recognized when materials are purchased.Variable overhead is applied on the basis of direct labor-hours. Required: a.Compute the materials quantity variance. b.Compute the materials price variance. c.Compute the labor efficiency variance. d.Compute the labor rate variance. e.Compute the variable overhead efficiency variance. f.Compute the variable overhead rate variance. The materials price variance is recognized when materials are purchased.Variable overhead is applied on the basis of direct labor-hours. Required: a.Compute the materials quantity variance. b.Compute the materials price variance. c.Compute the labor efficiency variance. d.Compute the labor rate variance. e.Compute the variable overhead efficiency variance. f.Compute the variable overhead rate variance.

Correct Answer

verifed

verified

a.SQ = 7,700 units × 3.7 liters per unit...

View Answer

Pyrdum Corporation produces metal telephone poles.In the most recent month,the company budgeted production of 3,500 poles.Actual production was 3,800 poles.According to standards,each pole requires 4.6 machine-hours.The actual machine-hours for the month were 17,800 machine-hours.The standard variable manufacturing overhead rate is $5.40 per machine-hour.The actual variable manufacturing overhead cost for the month was $96,712.The variable overhead efficiency variance is:


A) $2,320 U
B) $1,728 F
C) $2,320 F
D) $1,728 U

E) A) and D)
F) C) and D)

Correct Answer

verifed

verified

The following standards for variable overhead have been established for a company that makes only one product: The following standards for variable overhead have been established for a company that makes only one product: The following data pertain to operations for the last month: Required: a.What is the variable overhead rate variance for the month? b.What is the variable overhead efficiency variance for the month? The following data pertain to operations for the last month: The following standards for variable overhead have been established for a company that makes only one product: The following data pertain to operations for the last month: Required: a.What is the variable overhead rate variance for the month? b.What is the variable overhead efficiency variance for the month? Required: a.What is the variable overhead rate variance for the month? b.What is the variable overhead efficiency variance for the month?

Correct Answer

verifed

verified

a.Variable overhead rate variance = (AH ...

View Answer

The following data have been provided by Moretta Corporation,a company that produces forklift trucks: The following data have been provided by Moretta Corporation,a company that produces forklift trucks: Supplies cost is an element of variable manufacturing overhead.The variable overhead efficiency variance for supplies cost is: A) $135 U B) $135 F C) $966 U D) $966 F Supplies cost is an element of variable manufacturing overhead.The variable overhead efficiency variance for supplies cost is:


A) $135 U
B) $135 F
C) $966 U
D) $966 F

E) C) and D)
F) A) and C)

Correct Answer

verifed

verified

Valera Corporation makes a product with the following standards for labor and variable overhead: Valera Corporation makes a product with the following standards for labor and variable overhead: The company budgeted for production of 5,300 units in July, but actual production was 5,400 units. The company used 2,130 direct labor-hours to produce this output. The actual variable overhead rate was $6.10 per hour. The company applies variable overhead on the basis of direct labor-hours. -The variable overhead efficiency variance for July is: A) $183 F B) $180 U C) $180 F D) $183 U The company budgeted for production of 5,300 units in July, but actual production was 5,400 units. The company used 2,130 direct labor-hours to produce this output. The actual variable overhead rate was $6.10 per hour. The company applies variable overhead on the basis of direct labor-hours. -The variable overhead efficiency variance for July is:


A) $183 F
B) $180 U
C) $180 F
D) $183 U

E) All of the above
F) None of the above

Correct Answer

verifed

verified

Showing 41 - 60 of 247

Related Exams

Exam 1

Managerial Accounting and Cost Concepts

299 Questions

Exam 2

Job-Order Costing: Calculating Unit Production Costs

292 Questions

Exam 3

Job-Order Costing: Cost Flows and External Reporting

255 Questions

Exam 4

Process Costing

138 Questions

Exam 5

Cost-Volume-Profit Relationships

260 Questions

Exam 6

Variable Costing and Segment Reporting: Tools for Management

291 Questions

Exam 7

Super-Variable Costing

49 Questions

Exam 8

Master Budgeting

234 Questions

Exam 9

Flexible Budgets and Performance Analysis

417 Questions

Exam 11

Performance Measurement in Decentralized Organizations

180 Questions

Exam 12

Differential Analysis: The Key to Decision Making

203 Questions

Exam 13

Capital Budgeting Decisions

179 Questions

Exam 14

Statement of Cash Flows

132 Questions

Exam 15

Financial Statement Analysis

289 Questions

Exam 16

Cost of Quality

66 Questions

Exam 17

Activity-Based Absorption Costing

20 Questions

Exam 18

The Predetermined Overhead Rate and Capacity

42 Questions

Exam 19

Job-Order Costing: a Microsoft Excel-Based Approach

28 Questions

Exam 20

Fifo Method

100 Questions

Exam 21

Service Department Allocations

60 Questions

Exam 22

Analyzing Mixed Costs

81 Questions

Exam 23

Time-Driven Activity-Based Costing: a Microsoft Excel-Based Approach

123 Questions

Exam 24

Predetermined Overhead Rates and Overhead Analysis in a Standard Costing System

177 Questions

Exam 25

Standard Cost Systems: a Financial Reporting Perspective Using Microsoft Excel

138 Questions

Exam 26

Transfer Pricing

102 Questions

Exam 27

Service Department Charges

44 Questions

Exam 28

Pricing Decisions

149 Questions

Exam 29

The Concept of Present Value

16 Questions

Exam 30

Income Taxes and the Present Value Method

150 Questions

Exam 31

the Direct Method of Determining the Net Cash Provided by Operating Activities

56 Questions

Show Answer