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Homework answers / question archive / The final decision as to what standard costs should be is the responsibility of   What is a standard cost?   The formula for the materials price variance is   If the materials price variance is $3900 F and the materials quantity and labor variances are each $3000 U, what is the total materials variance?   The standard predetermined overhead rate used in setting the standard overhead cost is determined by dividing   Labor efficiency is measured by the   Sunland Company produces a product that requires 2

The final decision as to what standard costs should be is the responsibility of   What is a standard cost?   The formula for the materials price variance is   If the materials price variance is $3900 F and the materials quantity and labor variances are each $3000 U, what is the total materials variance?   The standard predetermined overhead rate used in setting the standard overhead cost is determined by dividing   Labor efficiency is measured by the   Sunland Company produces a product that requires 2

Accounting

  1. The final decision as to what standard costs should be is the responsibility of

  2.  
  3. What is a standard cost?
     
  4. The formula for the materials price variance is
     
  5. If the materials price variance is $3900 F and the materials quantity and labor variances are each $3000 U, what is the total materials variance?
     
  6. The standard predetermined overhead rate used in setting the standard overhead cost is determined by dividing
     
  7. Labor efficiency is measured by the
     
  8. Sunland Company produces a product that requires 2.6 pounds of materials per unit. The allowance for waste and spoilage per unit is 0.3 pounds and 0.1 pounds, respectively. The purchase price is $2 per pound, but a 2% discount is usually taken. Freight costs are $0.1 per pound, and receiving and handling costs are $0.07 per pound. The hourly wage rate is $13 per hour, but a raise which will average $0.30 will go into effect soon. Payroll taxes are $1.20 per hour, and fringe benefits average $2.40 per hour. Standard production time is 1 hour per unit, and the allowance for rest periods and setup is 0.2 hours and 0.1 hours, respectively.
     
  9. If 10,000 pounds of direct materials are purchased for $9,300 on account and the standard cost is $.90 per pound, the journal entry to record the purchase is
     
  10. An overhead volume variance is calculated as the difference between normal capacity hours and standard hours allowed
     

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Question 1

Correct answer. Your answer is correct.
   

The final decision as to what standard costs should be is the responsibility of

Entry field with correct answer

 management.

the quality control engineer.

the managerial accountants.

the purchasing agent.

 

Question 3

Correct answer. Your answer is correct.
   

What is a standard cost?

Entry field with correct answer

 Any amount that appears on a budget

The total amount that appears on the budget for product costs

The amount management thinks should be incurred to produce a good or service

The total number of units times the budgeted amount expected

 

Question 4

Correct answer. Your answer is correct.
   

The formula for the materials price variance is

Entry field with correct answer

 (AQ × SP) – (SQ × SP).

(AQ × SP) – (SQ × AP).

(AQ × AP) – (AQ × SP).

(AQ × AP) – (SQ × SP).

 

Question 5

Correct answer. Your answer is correct.
   

If the materials price variance is $3900 F and the materials quantity and labor variances are each $3000 U, what is the total materials variance?

Entry field with correct answer

 $900 F

$3000 U

$4350 U

$3900 F

 

Question 6

Correct answer. Your answer is correct.
   

The standard predetermined overhead rate used in setting the standard overhead cost is determined by dividing

Entry field with correct answer

 budgeted overhead costs by an expected standard activity index.

budgeted overhead costs by actual activity.

actual overhead costs by actual activity.

actual overhead costs by an expected standard activity index.

 

Question 7

Correct answer. Your answer is correct.
   

Labor efficiency is measured by the

Entry field with correct answer

 labor quantity variance.

labor rate variance.

materials quantity variance.

total labor variance.

 

Question 8

Correct answer. Your answer is correct.
   

Sunland Company produces a product that requires 2.6 pounds of materials per unit. The allowance for waste and spoilage per unit is 0.3 pounds and 0.1 pounds, respectively. The purchase price is $2 per pound, but a 2% discount is usually taken. Freight costs are $0.1 per pound, and receiving and handling costs are $0.07 per pound. The hourly wage rate is $13 per hour, but a raise which will average $0.30 will go into effect soon. Payroll taxes are $1.20 per hour, and fringe benefits average $2.40 per hour. Standard production time is 1 hour per unit, and the allowance for rest periods and setup is 0.2 hours and 0.1 hours, respectively.

The standard direct labor rate per hour is
 

Entry field with correct answer

 $16.60.

$16.90.

$13.00.

$13.30.

 

Question 9

Correct answer. Your answer is correct.
   

If 10,000 pounds of direct materials are purchased for $9,300 on account and the standard cost is $.90 per pound, the journal entry to record the purchase is

Entry field with correct answer
Raw Materials Inventory 9,300  
    Accounts Payable   9,000
    Materials Price Variance   300

Raw Materials Inventory 9,000  
Materials Price Variance 300  
    Accounts Payable   9,300

Raw Materials Inventory 9,300  
   Accounts Payable   9,300

Work In Process Inventory 9,300   
   Accounts Payable   9,000
   Materials Quantity Variance   300

 

Question 10

Correct answer. Your answer is correct.
   

An overhead volume variance is calculated as the difference between normal capacity hours and standard hours allowed

Entry field with correct answer

 divided by actual number of hours worked.

times the total predetermined overhead rate.

times the predetermined variable overhead rate.

times the predetermined fixed overhead rate.

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