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Exam 12: Standard Costs and Variances

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Question 71

Multiple Choice

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The variable overhead rate variance for power is closest to:

A) $1,428 F
B) $5,016 F
C) $5,016 U
D) $3,588 F

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

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Question 72

Multiple Choice

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What is the labor rate variance for the month?

A) $400 F
B) $80 U
C) $80 F
D) $400 U

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

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Question 73

Multiple Choice

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The variable overhead rate variance is:

The labor rate variance for June is:

The materials price variance for April is:

The labor rate variance for November is:

The direct materials quantity variance for May is:

The following data have been provided by Tiano Corporation: Required: Compute the variable overhead rate variances for lubricants and for supplies. Indicate whether each of the variances is favorable (F) or unfavorable (U). Show your work!

The materials price variance is:

The variable overhead rate variance for October is:

Dowen Corporation applies manufacturing overhead to products on the basis of standard machine-hours. For the most recent month, the company based its budget on 4,400 machine-hours. Budgeted and actual overhead costs for the month appear below: The company actually worked 4,460 machine-hours during the month. The standard hours allowed for the actual output were 4,310 machine-hours for the month. What was the overall variable overhead efficiency variance for the month?

The labor rate variance is:

The following materials standards have been established for a particular product: The following data pertain to operations concerning the product for the last month: Required: a. What is the materials price variance for the month? b. What is the materials quantity variance for the month?

Borden Enterprises uses standard costing. For the month of April, the company reported the following data: • Standard direct labor rate: $10 per hour • Standard hours allowed for actual production: 8,000 hours • Actual direct labor rate: $9.50 per hour • Labor efficiency variance: $4,800 Favorable The labor rate variance for April is:

The purchasing agent of the Clampett Company ordered materials of lower quality in an effort to economize on price and in response to the demands of the production manager due to a mistake in production scheduling. The materials were shipped by airfreight at a rate higher than that ordinarily charged for shipment by truck, resulting in an unfavorable materials price variance. The lower quality material proved to be unsuitable on the production line and resulted in excessive waste. In this situation, who should be held responsible for the materials price and quantity variances?

The Cox Company uses standard costing. The following data are available for April: The standard quantity of material allowed for April production is:

The total number of units of Roff produced during August was:

The following standards have been established for a raw material used to make product P62: The following data pertain to a recent month's operations: Required: a. What is the materials price variance for the month? b. What is the materials quantity variance for the month?

The labor rate variance for March is:

The materials price variance for June is: