Question # 00003251 Posted By: mac123 Updated on: 11/08/2013 08:43 AM Due on: 11/29/2013
Subject Accounting Topic Accounting Tutorials:
Question

101. Mandy Company has the following direct labor costs last month:

What was Mandy's direct labor flexible-budget variance?

A. \$15,120 unfavorable.

B. \$20,800 unfavorable.

C. \$36,720 favorable.

D. \$42,480 favorable.

E. \$79,920 favorable.

102. A company's flexible budget for 15,000 units of production showed sales of \$48,000; variable costs of \$18,000; and fixed costs of \$12,000. The operating income in the master budget for 20,000 units is:

A. \$8,000.

B. \$13,500.

C. \$24,000.

D. \$28,000.

E. \$30,000.

103. A company's master budget for October is to manufacture and sell 30,000 units for a total of \$270,000 with total variable costs of \$180,000 and total fixed costs of \$24,000. The company actually manufactured and sold 32,000 units and generated \$45,000 of operating income in October. The flexible-budget operating income in October is:

A. \$27,000.

B. \$70,400.

C. \$72,000.

D. \$83,520.

E. \$86,400.

104. A company's master budget for October is to manufacture and sell 30,000 units for a total of \$270,000 with total variable costs of \$180,000 and total fixed costs of \$24,000. The company actually manufactured and sold 32,000 units and generated \$45,000 of operating income in October. The operating income flexible-budget (FB) variance is:

A. \$3,600 unfavorable.

B. \$6,000 unfavorable.

C. \$15,400 unfavorable.

D. \$21,000 unfavorable.

E. \$27,000 unfavorable.

105. A company's master budget for October is to manufacture and sell 30,000 units for a total of \$270,000 with total variable costs of \$180,000 and total fixed costs of \$24,000. The company actually manufactured and sold 32,000 units and generated \$45,000 of operating income in October. The sales volume variance, in terms of operating income, for October is:

A. \$3,600 favorable.

B. \$6,000 favorable.

C. \$15,400 favorable.

D. \$21,000 favorable.

106. In September, Larson Inc. sold 40,000 units of its only product for \$240,000 and incurred a total cost of \$225,000, of which \$25,000 is fixed costs. The flexible budget for September showed total sales of \$300,000. Among variances of the period were: total variable cost flexible-budget variance, \$8,000U; total flexible-budget variance, \$63,000U; and, sales volume variance, in terms of contribution margin, \$27,000U. The actual amount of operating income earned in September was:

A. \$15,000.

B. \$40,000.

C. \$63,000.

D. \$78,000.

E. \$105,000.

107. In September, Larson Inc. sold 40,000 units of its only product for \$240,000 and incurred a total cost of \$225,000, of which \$25,000 is fixed costs. The flexible budget for September showed total sales of \$300,000. Among variances of the period were: total variable cost flexible-budget variance, \$8,000U; total flexible-budget variance, \$63,000U; and, sales volume variance, in terms of contribution margin, \$27,000U. The total amount of variable costs in the flexible budget for September was:

A. \$129,000.

B. \$192,000.

C. \$200,000.

D. \$208,000.

E. \$255,000.

108. In September, Larson Inc. sold 40,000 units of its only product for \$240,000 and incurred a total cost of \$225,000, of which \$25,000 is fixed costs. The flexible budget for September showed total sales of \$300,000. Among variances of the period were: total variable cost flexible-budget variance, \$8,000U; total flexible-budget variance, \$63,000U); and, sales volume variance, in terms of contribution margin, \$27,000U). The amount of operating income in the flexible budget (FB) for September was:

A. \$40,000.

B. \$48,000.

C. \$56,000.

D. \$70,000.

E. \$78,000.

109. In September, Larson Inc. sold 40,000 units of its only product for \$240,000 and incurred a total cost of \$225,000, of which \$25,000 is fixed costs. The flexible budget for September showed total sales of \$300,000. Among variances of the period were: total variable cost flexible-budget variance, \$8,000U; total flexible-budget variance, \$63,000U; and, sales volume variance, in terms of contribution margin, \$27,000U.The budgeted fixed cost is:

A. \$30,000.

B. \$45,000.

C. \$71,000.

D. \$78,000.

E. \$93,000.

110. In September, Larson Inc. sold 40,000 units of its only product for \$240,000 and incurred a total cost of \$225,000, of which \$25,000 is fixed costs. The flexible budget for September showed total sales of \$300,000. Among variances of the period were: total variable cost flexible-budget variance, \$8,000U; total flexible-budget variance, \$63,000U; and, sales volume variance, in terms of contribution margin, \$27,000U. The sales volume variance, in terms of operating income, is:

A. \$20,000 unfavorable.

B. \$27,000 unfavorable.

C. \$36,000 unfavorable.

D. \$75,000 unfavorable.

E. \$90,000 unfavorable.

111. In September, Larson Inc. sold 40,000 units of its only product for \$240,000 and incurred a total cost of \$225,000, of which \$25,000 is fixed costs. The flexible budget for September showed total sales of \$300,000. Among variances of the period were: total variable cost flexible-budget variance, \$8,000U; total flexible-budget variance, \$63,000U; and, sales volume variance, in terms of contribution margin, \$27,000U. The master budget operating income for September was:

A. \$78,000.

B. \$105,000.

C. \$108,000.

D. \$110,000.

E. \$135,000.

112. In September, Larson Inc. sold 40,000 units of its only product for \$240,000 and incurred a total cost of \$225,000, of which \$25,000 is fixed costs. The flexible budget for September showed total sales of \$300,000. Among variances of the period were: total variable cost flexible-budget variance, \$8,000U; total flexible-budget variance, \$63,000U; and, sales volume variance, in terms of contribution margin, \$27,000U. The total number of budgeted units reflected in the master budget for September was:

A. 36,000 units.

B. 40,000 units.

C. 45,000 units.

D. 48,000 units.

E. 50,000 units.

113. In September, Larson Inc. sold 40,000 units of its only product for \$240,000 and incurred a total cost of \$225,000, of which \$25,000 is fixed costs. The flexible budget for September showed total sales of \$300,000. Among variances of the period were: total variable cost flexible-budget variance, \$8,000U; total flexible-budget variance, \$63,000U; and, sales volume variance, in terms of contribution margin, \$27,000U. The total sales revenue in the master budget for September was:

A. \$300,000.

B. \$327,000.

C. \$350,000.

D. \$375,000.

E. \$425,000.

114. Shoemaker Perkins Company uses a standard cost system and had 400 pounds of raw material X15 on hand on September 1. The standard cost is \$10 per pound. The standard calls for 2 pounds of material X15 for each unit of the product manufactured. The company manufactured 600 units of the product in September, and had 500 pounds of Material X-15 in stock on September 30. The actual price for Material X-15 purchased during the month was \$1 per pound below the standard cost. The material usage variance in September was \$3,000 unfavorable. What is the purchase-price variance for Material X in September?

A. \$1,100 favorable.

B. \$1,200 favorable.

C. \$1,300 favorable.

D. \$1,500 favorable.

E. \$1,600 favorable.

115. Sheldon Company manufactures only one product and uses a standard cost system. During the past month, the manufacturing operations had the following variances: Direct labor rate variance = \$30,000 Favorable. Direct labor efficiency variance = \$50,000 Unfavorable. Sheldon allows 5 standard direct labor hours per unit produced, and its standard direct labor hourly rate is \$50. During the month, the company used 25 percent more direct labor hours than the standard allowed. What was the direct labor flexible-budget (FB) variance for the month?

A. \$20,000 unfavorable.

B. \$25,000 unfavorable.

C. \$37,500 favorable.

D. \$62,500 unfavorable.

E. \$80,000 unfavorable.

116. Sheldon Company manufactures only one product and uses a standard cost system. During the past month, the manufacturing operations had the following variances: Direct labor rate variance = \$30,000 Favorable; direct labor efficiency variance = \$50,000 Unfavorable. Sheldon allows 5 standard direct labor hours per unit produced, and its standard direct labor hourly rate is \$50. During the month, the company used 25 percent more direct labor hours than the standard allowed. What were the total standard hours allowed for the units manufactured during the month?

A. 1,000.

B. 2,500.

C. 4,000.

D. 5,000.

E. 6,000.

117. Sheldon Company manufactures only one product and uses a standard cost system. During the past month, the manufacturing operations had the following variances: Direct labor rate variance \$30,000 Favorable; direct labor efficiency variance \$50,000 Unfavorable. Sheldon allows 5 standard direct labor hours per unit produced, and its standard direct labor hourly rate is \$50. During the month, the company used 25 percent more direct labor hours than the standard allowed. What were the total actual direct hours worked?

A. 1,000.

B. 3,000.

C. 4,000.

D. 5,000.

E. 6,000.

118.Sheldon Company manufactures only one product and uses a standard cost system. During the past month, the manufacturing operations had the following variances: Direct labor rate variance = \$30,000 Favorable; direct labor efficiency variance = \$50,000 Unfavorable. Sheldon allows 5 standard direct labor hours per unit produced, and its standard direct labor hourly rate is \$50. During the month, the

company used 25 percent more direct labor hours than the standard allowed. What was the actual hourly rate for direct labor?

A. \$30.

B. \$36.

C. \$44.

D. \$50.

E. \$56.

119. Sheldon Company manufactures only one product and uses a standard cost system. During the past month, the manufacturing operations had the following variances: Direct labor rate variance \$30,000 Favorable. Direct labor efficiency variance 50,000 Unfavorable Sheldon allows 5 standard direct labor hours per unit produced, and its standard direct labor hourly rate is \$50. During the month, the company used 25 percent more direct labor hours than the standard allowed. How many units of the product were produced during the past month?

A. 800.

B. 1,000.

C. 1,200.

D. 1,500.

E. 2,000.

120. Ventura uses a just-in-time (JIT) manufacturing system for all of its materials, components, and products. The master budget of the company for June called for use of 11,000 square feet of materials, while the flexible budget for the actual output of the month had 10,000 square feet of materials at a standard cost of \$9.60 per square foot. Company records show that the actual price paid for the materials used in June was \$9.50 per square foot, and that the direct materials purchase-price variance for the month was \$1,040.

The actual total quantity of materials purchased during the month was:

A. 10,000 square feet.

B. 10,400 square feet.

C. 11,000 square feet.

D. 13,840 square feet.

E. 14,880 square feet.

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