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Exam 22: Evaluating Variances From Standard Costs

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Question 91

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The following are inputs and outputs to the help desk:​Operator trainingNumber of calls per dayMaintenance of computer equipmentNumber of operatorsNumber of complaints​Identify whether each is an input or an output to the help desk.

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Operator training - inputNumbe...

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Question 92

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Match each of the following formulas or descriptions with the term (a-e) it defines. -(Actual Quantity - Standard Quantity) × Standard Price

A) Direct materials price variance
B) Direct labor rate variance
C) Direct labor time variance
D) Direct materials quantity variance
E) Budgeted variable factory overhead

F) A) and B)
G) A) and D)

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Question 93

Multiple Choice

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The standard costs and actual costs for direct materials for the manufacture of 2,500 actual units of product are as follows:Standard CostsDirect materials2,500 kilograms @ $8.50Actual CostsDirect materials2,600 kilograms @ $8.75​The direct materials quantity variance is

Favorable fixed factory overhead volume variances are never harmful, since achieving them encourages managers to run the factory above normal capacity.

Ruby Company produces a chair that requires 5 yards of material per unit. The standard price of one yard of material is $7.50. During the month, 8,500 chairs were manufactured, using 43,600 yards at a cost of $7.55 per yard.?Determine the (a) price variance, (b) quantity variance, and (c) cost variance.

Morocco Desk Co. purchases 6,000 feet of lumber at $6 per foot. The standard price for direct materials is $5. The entry to record the purchase and unfavorable direct materials price variance is​

If the standard to produce a given amount of product is 1,000 units of direct materials at $11 and the actual is 800 units at $12, the direct materials price variance is $800 unfavorable.

Standard and actual costs for direct labor for the manufacture of 300 units of product were as follows:​​ Determine the direct labor (a) time variance, (b) rate variance, and (c) total cost variance.

Use this information for Zoyza Company to answer the questions that follow. ​ The following data are given for Zoyza Company: ​ Overhead is applied on standard labor hours. ​​ -The fixed factory overhead volume variance is

Use this information to answer the questions that follow. ​ *Actual hours are equal to standard hours for units produced.​ -The total factory overhead cost variance is

Hsu Company produces a part with a standard of 5 yards of material per unit. The standard price of one yard of material is $8.50. During the month, 8,800 parts were manufactured, using 45,700 yards of material at a cost of $8.30.?Determine the (a) price variance, (b) quantity variance, and (c) cost variance.

At the end of the fiscal year, the variances from standard are usually transferred to the finished goods account.

Use this information to answer the questions that follow. ​ The standard costs and actual costs for factory overhead for the manufacture of 2,500 units of actual production are as follows: ​​ -The fixed factory overhead volume variance is

The formula to compute the direct materials quantity variance is to calculate the difference between