ACCT 241 Week 10 Quiz

ACCT 241 Week 10 Quiz | Assignment Help | American University 

1.

An unfavorable materials quantity variance indicates that:

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actual usage of material exceeds the standard material allowed for output.

standard material allowed for output exceeds the actual usage of material.

actual material price exceeds standard price.

standard material price exceeds actual price.

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2.

The general model for calculating a quantity variance is:

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Actual quantity of inputs used × (Actual price − Standard price).

Standard price × (Actual quantity of inputs used − Standard quantity allowed for output).

(Actual quantity of inputs used × Actual price) − (Standard quantity allowed for output × Standard price).

Actual price × (Actual quantity of inputs used − Standard quantity allowed for output).

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3.

Poorly trained workers could have an unfavourable effect on which of the following variances?

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Choice A

Choice B

Choice C

Choice D

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4.

If variable manufacturing overhead is applied on the basis of direct labor-hours and the variable overhead rate variance is favourable, then:

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the actual variable overhead rate exceeded the standard rate.

the standard variable overhead rate exceeded the actual rate.

the actual direct labor-hours exceeded the standard direct labor-hours allowed for the actual output.

the standard direct labor-hours allowed for the actual output exceeded the actual hours.

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5.

The standard cost card for one unit of a finished product shows the following:

If the total standard variable cost for one unit of finished product is $78, then the standard price per foot for direct materials is:

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$2

$3

$4

$5

6.

The following materials standards have been established for a particular product:

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

What is the materials quantity variance for the month?

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$9,940 U

$15,351 U

$14,484 U

$10,535 U

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7.

Suver Corporation has a standard costing system. The following data are available for June:

The actual price per pound of direct materials purchased in June was:

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$6.10 per pound

$5.90 per pound

$6.25 per pound

$6.30 per pound

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8.

Bailey Corporation manufactures orange safety suits for road workers. The following information relates to the corporation's purchases and use of material for April:

The company’s materials price variance for April was $3,000 Favorable. Its materials quantity variance for April was $5,000 Favorable. What does the company use as a standard price per yard of material for its safety suits?

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$5.75 per yard

$6.50 per yard

$6.25 per yard

$6.00 per yard

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9.

The following materials standards have been established for a particular product:

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

What is the materials price variance for the month?

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$3,141 U

$2,025 U

$8,600 U

$8,725 U

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10.

Zanny Electronics Corporation uses a standard cost system for the production of its water ski radios. The direct labor standard for each radio is 0.9 hours. The standard direct labor cost per hour is $7.20. During the month of August, Zanny's water ski radio production used 6,600 direct labor-hours at a total direct labor cost of $48,708. This resulted in production of 6,900 water ski radios for August. What is Zanny's labor rate variance for August?

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$972 Favourable

$1,188 Unfavourable

$2,160 Favourable

$2,808 Unfavourable