Question 1

The variable overhead rate variance for August is:

Accepted Answer

A) $640 F 
B) $580 U 
C) $640 U 
D) $580 F 
A) $640 F 
B) $580 U 
C) $640 U 
D) $580 F

Question 2

The variable overhead rate variance for the month is closest to:

Accepted Answer

A) $78 F 
B) $84 F 
C) $78 U 
D) $84 U 
A) $78 F 
B) $84 F 
C) $78 U 
D) $84 U

Question 3

Barsness Corporation is an oil well service company that measures its output by the number of wells serviced.The company has provided the following fixed and variable cost estimates that it uses for budgeting purposes and the actual results of operations for November.   When the company prepared its planning budget at the beginning of November, it assumed that 39 wells would have been serviced.However, 43 wells were actually serviced during November. The amount shown for "Other expenses" in the planning budget for November would have been closest to:

Accepted Answer

A) $34,800 
B) $35,300 
C) $32,016 
D) $35,050 
A) $34,800 
B) $35,300 
C) $32,016 
D) $35,050

Question 4

The total cost at the activity level of 5,200 guest-days per month should be:

Accepted Answer

A) $208,020 
B) $230,880 
C) $209,940 
D) $190,920 
A) $208,020 
B) $230,880 
C) $209,940 
D) $190,920

Question 5

The actual cost of direct material was:

Accepted Answer

A) $8.12 per pound 
B) $8.00 per pound 
C) $7.60 per pound 
D) $7.42 per pound 
A) $8.12 per pound 
B) $8.00 per pound 
C) $7.60 per pound 
D) $7.42 per pound

Question 6

Willow Clinic bases its budgets on patient-visits.During October, the clinic plans for a level of activity of 2,100 patient-visits.The clinic has provided the following data concerning the formulas it uses in its budgeting:   Required:
Prepare the clinic's planning budget for October.

Accepted Answer

The answer of Willow Clinic bases its budgets on patient-visits.During...

Question 7

The food and supplies in the flexible budget for January would be closest to:

Accepted Answer

A) $32,945 
B) $32,590 
C) $32,380 
D) $33,050 
A) $32,945 
B) $32,590 
C) $32,380 
D) $33,050

Question 8

The administrative expenses in the planning budget for January would be closest to:

Accepted Answer

A) $6,160 
B) $6,068 
C) $5,930 
D) $6,180 
A) $6,160 
B) $6,068 
C) $5,930 
D) $6,180

Question 9

Suver Corporation has a standard costing system.The following data are available for June:   The actual price per pound of direct materials purchased in June was:

Accepted Answer

A) $6.10 per pound 
B) $5.90 per pound 
C) $6.25 per pound 
D) $6.30 per pound 
A) $6.10 per pound 
B) $5.90 per pound 
C) $6.25 per pound 
D) $6.30 per pound

Question 10

The materials price variance for February is:

Accepted Answer

A) $3,136 F 
B) $3,260 F 
C) $3,136 U 
D) $3,260 U 
A) $3,136 F 
B) $3,260 F 
C) $3,136 U 
D) $3,260 U

Question 11

The net operating income in the planning budget for January would be closest to:

Accepted Answer

A) $15,231 
B) $10,885 
C) $14,547 
D) $12,280 
A) $15,231 
B) $10,885 
C) $14,547 
D) $12,280

Question 12

The net operating income in the planning budget for December would be closest to:

Accepted Answer

A) $8,150 
B) $11,914 
C) $8,483 
D) $11,633 
A) $8,150 
B) $11,914 
C) $8,483 
D) $11,633

Question 13

The labor rate variance for June is:

Accepted Answer

A) $1,890 F 
B) $2,061 U 
C) $2,061 F 
D) $1,890 U 
A) $1,890 F 
B) $2,061 U 
C) $2,061 F 
D) $1,890 U

Question 14

The labor rate variance for the month was:

Accepted Answer

A) $5,750 F 
B) $5,750 U 
C) $1,130 F 
D) $1,130 U 
A) $5,750 F 
B) $5,750 U 
C) $1,130 F 
D) $1,130 U

Question 15

Elvin Hospital bases its budgets on patient-visits.The hospital's static planning budget for May appears below:   Required:
Prepare a flexible budget for 5,300 patient-visits per month.

Accepted Answer

The answer of Elvin Hospital bases its budgets on patient-visits.The...

Question 16

The following standards for variable manufacturing overhead have been established for a company that makes only one product:   The following data pertain to operations for the last month:   What is the variable overhead rate variance for the month?

Accepted Answer

A) $2,724 U 
B) $3,492 U 
C) $840 F 
D) $768 U 
A) $2,724 U 
B) $3,492 U 
C) $840 F 
D) $768 U

Question 17

The net operating income in the planning budget for May would be closest to:

Accepted Answer

A) $3,905 
B) $3,883 
C) $8,844 
D) $8,920 
A) $3,905 
B) $3,883 
C) $8,844 
D) $8,920

Question 18

Higgs Enterprise's flexible budget cost formula for indirect materials, a variable cost, is $0.75 per unit of output.If the company's performance report for last month shows a $600 favorable spending variance for indirect materials and if 8,000 units of output were produced last month, then the actual costs incurred for indirect materials for the month must have been:

Accepted Answer

A) $6,000 
B) $5,400 
C) $6,600 
D) $5,200 
A) $6,000 
B) $5,400 
C) $6,600 
D) $5,200

Question 19

A revenue variance is favorable if the actual revenue is greater than the revenue in the static planning budget.

Accepted Answer

A) True 
 B)False

Question 20

The materials price variance for June is:

Accepted Answer

A) $2,140 U 
B) $2,140 F 
C) $1,820 U 
D) $1,820 F 
A) $2,140 U 
B) $2,140 F 
C) $1,820 U 
D) $1,820 F

The variable overhead rate variance for August is:

The variable overhead rate variance for the month is closest to:

The total cost at the activity level of 5,200 guest-days per month should be:

The actual cost of direct material was:

Willow Clinic bases its budgets on patient-visits.During October, the clinic plans for a level of activity of 2,100 patient-visits.The clinic has provided the following data concerning the formulas it uses in its budgeting: Required: Prepare the clinic's planning budget for October.

The food and supplies in the flexible budget for January would be closest to:

The administrative expenses in the planning budget for January would be closest to:

Suver Corporation has a standard costing system.The following data are available for June: The actual price per pound of direct materials purchased in June was:

The materials price variance for February is:

The net operating income in the planning budget for January would be closest to:

The net operating income in the planning budget for December would be closest to:

The labor rate variance for June is:

The labor rate variance for the month was:

Elvin Hospital bases its budgets on patient-visits.The hospital's static planning budget for May appears below: Required: Prepare a flexible budget for 5,300 patient-visits per month.

The following standards for variable manufacturing overhead have been established for a company that makes only one product: The following data pertain to operations for the last month: What is the variable overhead rate variance for the month?

The net operating income in the planning budget for May would be closest to:

A revenue variance is favorable if the actual revenue is greater than the revenue in the static planning budget.

The materials price variance for June is:

Managerial Accounting and Cost Concepts

Job-Order Costing: Calculating Unit Product Costs

Job-Order Costing: Cost Flows and External Reporting

Activity-Based Costing

Process Costing6 Cost-Volume-Profit Relationships

Cost-Volume-Profit Relationships

Variable Costing and Segment Reporting: Tools for Management

Master Budgeting

Performance Measurement in Decentralized Organizations

Differential Analysis: The Key to Decision Making

Capital Budgeting Decisions

Statement of Cash Flows

Financial Statement Analysis

Job-Order Costing: Cost Flows and External Reporting

Process Costing6 Cost-Volume-Profit Relationships

Cost-Volume-Profit Relationships

Flexible Budgets, Standard Costs, and Variance Analysis

Flexible Budgets, Standard Costs, and Variance Analysis

A Capital Budgeting Decisions

A Statement of Cash Flows

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Exam 9: Flexible Budgets Standard Costs and Variance Analysis

The variable overhead rate variance for August is:

The variable overhead rate variance for the month is closest to:

The total cost at the activity level of 5,200 guest-days per month should be:

The actual cost of direct material was:

Willow Clinic bases its budgets on patient-visits.During October, the clinic plans for a level of activity of 2,100 patient-visits.The clinic has provided the following data concerning the formulas it uses in its budgeting: Required: Prepare the clinic's planning budget for October.

The food and supplies in the flexible budget for January would be closest to:

The administrative expenses in the planning budget for January would be closest to:

Suver Corporation has a standard costing system.The following data are available for June: The actual price per pound of direct materials purchased in June was:

The materials price variance for February is:

The net operating income in the planning budget for January would be closest to:

The net operating income in the planning budget for December would be closest to:

The labor rate variance for June is:

The labor rate variance for the month was:

Elvin Hospital bases its budgets on patient-visits.The hospital's static planning budget for May appears below: Required: Prepare a flexible budget for 5,300 patient-visits per month.

The following standards for variable manufacturing overhead have been established for a company that makes only one product: The following data pertain to operations for the last month: What is the variable overhead rate variance for the month?

The net operating income in the planning budget for May would be closest to:

A revenue variance is favorable if the actual revenue is greater than the revenue in the static planning budget.

The materials price variance for June is:

Managerial Accounting and Cost Concepts

Job-Order Costing: Calculating Unit Product Costs

Job-Order Costing: Cost Flows and External Reporting

Activity-Based Costing

Process Costing6 Cost-Volume-Profit Relationships

Cost-Volume-Profit Relationships

Variable Costing and Segment Reporting: Tools for Management

Master Budgeting

Performance Measurement in Decentralized Organizations

Differential Analysis: The Key to Decision Making

Capital Budgeting Decisions

Statement of Cash Flows

Financial Statement Analysis

Job-Order Costing: Cost Flows and External Reporting

Process Costing6 Cost-Volume-Profit Relationships

Cost-Volume-Profit Relationships

Flexible Budgets, Standard Costs, and Variance Analysis

Flexible Budgets, Standard Costs, and Variance Analysis

A Capital Budgeting Decisions

A Statement of Cash Flows

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