charter oak acc102 week 11 test part 1

Controlling the materials price variance is usually the responsibility of:

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2. Controlling the materials quantity variance is usually the responsibility of:

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3. The use of inexpensive, low quality, materials often results in:

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4. Excessive overtime hours worked by direct labor workers often results in:

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5. An unfavorable overhead volume variance results from:

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6. If fewer units are produced than had been estimated when standard unit costs were determined, there would normally be:

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7. Overhead volume variances indicate:

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8. Which statement is true regarding a standard cost system?

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9. The overhead spending variance:

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Use the following to answer questions 10-12:

Tony's Inc. flexible budget for June, based upon actual output, called for the use of 10,000 pounds of materials at a standard cost of $6.10 per pound. The Production Department actually used 10,300 pounds of materials costing $5.80 per pound during June.

10. Refer to the information above. Tony's materials price variance for June is:

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11. Refer to the information above. The materials quantity variance for Tony's June operations is:

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12. Refer to the information above. The journal entry to record the cost of direct materials used in June includes each of the following except:

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Use the following to answer questions 13-16:

Seaside Company's flexible budget, based upon the number of equivalent units produced, called for the use of 5,000 square yards of fabric at a standard cost of $2.10 per square yard. The Production Department actually used 5,200 square yards costing $1.95 per square yard during June.

13. Refer to the information above. The materials price variance for Seaside Company for June is:

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14. Refer to the information above. The materials quantity variance for Seaside Company for June is:

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15. Refer to the information above. The journal entry to record the cost of direct materials used in March includes:

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16. Refer to the information above. With respect to materials costs, the supervisor of the Production Department should be held responsible for:

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Use the following to answer questions 17-20:

Vista Mfg.'s July production involved actual direct labor costs of $46,287 for 3,700 direct labor hours. The budget for the July level of production called for 3,800 direct labor hours at $12.50 per hour, using a standard cost system.

17. Refer to the information above. With respect to labor costs, Vista/>'s production manager is responsible for:

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18. Refer to the information above. Vista/>'s labor rate variance for July is:

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19. Refer to the information above. Vista/>'s labor efficiency variance for July is:

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20. Refer to the information above. Which of the following is the most likely explanation for the types of labor variances resulting from Vista/>'s July operations?

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