Question 1

Information on Fleming Company's direct material costs follows:   What was the company's direct material price variance?

Accepted Answer

A)  $1,000 favourable. 
B)  $1,000 unfavourable. 
C)  $2,000 favourable. 
D)  $2,000 unfavourable. 
A)  $1,000 favourable. 
B)  $1,000 unfavourable. 
C)  $2,000 favourable. 
D)  $2,000 unfavourable.

Question 2

Determine the materials price variance:

Accepted Answer

Actual Price $1.11 per kilogra

Question 3

Tower Company planned to produce 3,000 units of its single product,Titactium,during November.The standards for one unit of Titactium specify six grams of materials at $0.30 per gram.Actual production in November was 3,100 units of Titactium.There was a favourable materials price variance of $380 and an unfavourable materials quantity variance of $120.Based on these variances,one could conclude that:

Accepted Answer

A)  more materials were purchased than were used. 
B)  more materials were used than were purchased. 
C)  the actual cost per gram for materials was less than the standard cost per gram. 
D)  the actual usage of materials was less than the standard allowed. 
A)  more materials were purchased than were used. 
B)  more materials were used than were purchased. 
C)  the actual cost per gram for materials was less than the standard cost per gram. 
D)  the actual usage of materials was less than the standard allowed.

Information on Fleming Company's direct material costs follows: What was the company's direct material price variance?

Determine the materials price variance:

An Introduction to Managerial Accounting and Cost Concepts

Systems Design: Job-Order Costing

Systems Design: Activity-Based Costing

Systems Design: Process Costing

Cost Behavior: Analysis and Use

Cost-Volume-Profit Relationships

Profit Planning

Standard Costs

Flexible Budgets and Overhead Analysis

Decentralization

Capital Budgeting Decisions

How Well Am I Doing Statement of Cash Flows

How Well Am I Doing Financial Statement Analysis

Filters

Exam 11: Relevant Costs for Decision Making

Information on Fleming Company's direct material costs follows: What was the company's direct material price variance?

Determine the materials price variance:

An Introduction to Managerial Accounting and Cost Concepts

Systems Design: Job-Order Costing

Systems Design: Activity-Based Costing

Systems Design: Process Costing

Cost Behavior: Analysis and Use

Cost-Volume-Profit Relationships

Profit Planning

Standard Costs

Flexible Budgets and Overhead Analysis

Decentralization

Capital Budgeting Decisions

How Well Am I Doing Statement of Cash Flows

How Well Am I Doing Financial Statement Analysis

Filters