5. A company uses a single raw material in itsproduction process. The standard price for a unit of material is$2.00. During the month the company purchased and used 600 units ofthis material at a price of $2.25 per unit. The standard quantityrequired per finished product is 2 units and during the month, thecompany produced 310 finished units. How much was the materialprice variance?
A. $150 favorable
B. $150 unfavorable
C. $155 favorable
D. $155 unfavorable
6. A company uses a single raw material in itsproduction process. The standard price for a unit of material is$2.00. During the month the company purchased and used 600 units ofthis material at a price of $2.25 per unit. The standard quantityrequired per finished product is 2 units and during the month, thecompany produced 310 finished units. How much was the materialquantity variance?
A. $40 favorable
B. $40 unfavorable
C. $45 favorable
D. $45 unfavorable
7. A company produced 2,200 units of output during aproduction process that normally requires 2 hours of labor per unitof output. The standard labor rate is $16 per hour, but the companypaid $15 per hour. Actual hours needed to complete the productionprocess were 4,600. How much was the labor efficiencyvariance?
A. $3,000 favorable
B. $3,000 unfavorable
C. $3,200 favorable
D. $3,200 unfavorable
8. A company produced 2,200 units of output during aproduction process that normally requires 2 hours of labor per unitof output. The standard labor rate is $16 per hour, but the companypaid $15 per hour. Actual hours needed to complete the productionprocess were 4,600. How much was the labor ratevariance?
A. $4,400 favorable
B. $4,400 unfavorable
C. $4,600 favorable
D. $4,600 unfavorable
9. Which of the following formulas is used to computevariable overhead rate (or spending) variance?
A. actual hours × (actual rate − standard rate)
B. standard hours allowed × (actual rate − standard rate)
C. actual rate × (actual hours − standard hours allowed)
D. standard rate × (actual hours − standard hours allowed)
10. Which of the following is a true statement regardingfixed overhead volume variance?
A. If production volume is less than anticipated, then fixedoverhead has been underallocated and the fixed overhead volumevariance is favorable.
B. If production volume is less than anticipated, then fixedoverhead has been underallocated and the fixed overhead volumevariance is unfavorable.
C. If production volume is greater than anticipated, then fixedoverhead has been underallocated and the fixed overhead volumevariance is favorable.
D. If production volume is greater than anticipated, then fixedoverhead has been overallocated and the fixed overhead volumevariance is unfavorable.
“Looking for a Similar Assignment? Get Expert Help at an Amazing Discount!”
What Students Are Saying About Us
.......... Customer ID: 12*** | Rating: ⭐⭐⭐⭐⭐"Honestly, I was afraid to send my paper to you, but splendidwritings.com proved they are a trustworthy service. My essay was done in less than a day, and I received a brilliant piece. I didn’t even believe it was my essay at first 🙂 Great job, thank you!"
.......... Customer ID: 14***| Rating: ⭐⭐⭐⭐⭐
"The company has some nice prices and good content. I ordered a term paper here and got a very good one. I'll keep ordering from this website."
