1. Standard costs should generally be based on the actual costs of prior periods

Question

1. Standard costs should generally be based on the actual costs of prior periods. A) True
B) False
1. Standard costs should generally be based on the actual costs of prior periods. A) True
B) False
Standard costs should generally be based on the actual costs of prior periods. Standard costs should generally be based on the actual costs of prior periods. 2. In general, the purchasing agent is responsible for the materials price variance. A) True
B) False
2. In general, the purchasing agent is responsible for the materials price variance. A) True
B) False
In general, the purchasing agent is responsible for the materials price variance. In general, the purchasing agent is responsible for the materials price variance. 3. 4. 5. 6. 7. 8. Fabiano Corporation makes a product whose direct labor standards are 0.5 hours per unit and $23.00 per hour. In February the company produced 3,300 units using 1,640 direct labor-hours. The actual direct labor cost was $38,540.

The labor efficiency variance for February is: A) $230 F
B) $235 F
C) $230 U
D) $235 U
8. Fabiano Corporation makes a product whose direct labor standards are 0.5 hours per unit and $23.00 per hour. In February the company produced 3,300 units using 1,640 direct labor-hours. The actual direct labor cost was $38,540.

The labor efficiency variance for February is: A) $230 F
B) $235 F
C) $230 U
D) $235 U
Fabiano Corporation makes a product whose direct labor standards are 0.5 hours per unit and $23.00 per hour. In February the company produced 3,300 units using 1,640 direct labor-hours. The actual direct labor cost was $38,540.

The labor efficiency variance for February is: 9. 10.

Explanation / Answer

Standard costs should generally be based on the actual costs of prior periods. A) True

Standard costs should generally be based on the actual costs of prior periods. A) True

Standard costs should generally be based on the actual costs of prior periods. 2. In general, the purchasing agent is responsible for the materials price variance.
B) False
2. In general, the purchasing agent is responsible for the materials price variance.
B) False
In general, the purchasing agent is responsible for the materials price variance. 3. Snuggs Corporation makes a product with the following standard costs:



The company reported the following results concerning this product in October.



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 October is:
D) $620 U
3. Snuggs Corporation makes a product with the following standard costs:



The company reported the following results concerning this product in October.



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 October is:
D) $620 U
Snuggs Corporation makes a product with the following standard costs:



The company reported the following results concerning this product in October.



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 October is: 4. Gentile Corporation makes a product with the following standard costs:



The company produced 6,000 units in May using 36,970 kilos of direct material and 4,340 direct labor-hours. During the month, the company purchased 40,400 kilos of the direct material at $4.70 per kilo. The actual direct labor rate was $13.70 per hour and the actual variable overhead rate was $2.70 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 May is:
C) $1,242 F

4. Gentile Corporation makes a product with the following standard costs:



The company produced 6,000 units in May using 36,970 kilos of direct material and 4,340 direct labor-hours. During the month, the company purchased 40,400 kilos of the direct material at $4.70 per kilo. The actual direct labor rate was $13.70 per hour and the actual variable overhead rate was $2.70 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 May is:
C) $1,242 F

Gentile Corporation makes a product with the following standard costs:



The company produced 6,000 units in May using 36,970 kilos of direct material and 4,340 direct labor-hours. During the month, the company purchased 40,400 kilos of the direct material at $4.70 per kilo. The actual direct labor rate was $13.70 per hour and the actual variable overhead rate was $2.70 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 May is: 5. The following labor standards have been established for a particular product:



The following data pertain to operations concerning the product for the last month:



What is the labor rate variance for the month?
D) $430 U
5. The following labor standards have been established for a particular product:



The following data pertain to operations concerning the product for the last month:



What is the labor rate variance for the month?
D) $430 U
The following labor standards have been established for a particular product:



The following data pertain to operations concerning the product for the last month:



What is the labor rate variance for the month? 6. Caquias 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 rate variance for August is: A) $440 F

6. Caquias 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 rate variance for August is: A) $440 F

Caquias 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 rate variance for August is: 7. The following standards for variable manufacturing overhead have been established for a company that makes only one product:



The following data pertain to operations for the last month:



What is the variable overhead rate variance for the month?
B) $9,625 F

7. The following standards for variable manufacturing overhead have been established for a company that makes only one product:



The following data pertain to operations for the last month:



What is the variable overhead rate variance for the month?
B) $9,625 F

The following standards for variable manufacturing overhead have been established for a company that makes only one product:



The following data pertain to operations for the last month:



What is the variable overhead rate variance for the month? 8. Fabiano Corporation makes a product whose direct labor standards are 0.5 hours per unit and $23.00 per hour. In February the company produced 3,300 units using 1,640 direct labor-hours. The actual direct labor cost was $38,540.

The labor efficiency variance for February is:
B) $235 F

8. Fabiano Corporation makes a product whose direct labor standards are 0.5 hours per unit and $23.00 per hour. In February the company produced 3,300 units using 1,640 direct labor-hours. The actual direct labor cost was $38,540.

The labor efficiency variance for February is:
B) $235 F

Fabiano Corporation makes a product whose direct labor standards are 0.5 hours per unit and $23.00 per hour. In February the company produced 3,300 units using 1,640 direct labor-hours. The actual direct labor cost was $38,540.

The labor efficiency variance for February is: 9. Snuggs Corporation makes a product with the following standard costs:



The company reported the following results concerning this product in October.



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 October is: A) $1,798 U

9. Snuggs Corporation makes a product with the following standard costs:



The company reported the following results concerning this product in October.



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 October is: A) $1,798 U

Snuggs Corporation makes a product with the following standard costs:



The company reported the following results concerning this product in October.



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 October is: 10. Snuggs Corporation makes a product with the following standard costs:



The company reported the following results concerning this product in October.



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 rate variance for October is:
D) $525 F 10. Snuggs Corporation makes a product with the following standard costs:



The company reported the following results concerning this product in October.



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 rate variance for October is:
D) $525 F Snuggs Corporation makes a product with the following standard costs:



The company reported the following results concerning this product in October.



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 rate variance for October is:

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