Exam 24: Standard Cost Systems

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If the standard quantity of materials is 84,500 units at $0.15 per unit and the actual quantity is 95,000 units at $0.12 per unit,then the total materials cost variance is:

(Multiple Choice)

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Question 101

[The following information applies to the questions displayed below.] Maple 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 $2.45 per square yard.The Production Department actually used 5,200 square yards costing $2.35 per square yard during June. -The materials quantity variance for Maple Company for June is:

(Multiple Choice)

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Question 102

Roman's labor rate variance for July is:

(Multiple Choice)

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Question 103

Using more direct labor hours for units produced than the amount allowed by the standard results in:

(Multiple Choice)

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Question 104

In a system designed to measure cost variances,goods transferred from the Work in Process account to the Finished Goods Inventory are valued at:

(Multiple Choice)

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Question 105

[The following information applies to the questions displayed below.] James Inc.'s flexible budget for June,based upon actual output,called for the use of 10,500 pounds of materials at a standard cost of $7.40 per pound.The Production Department actually used 10,700 pounds of materials costing $7.10 per pound during June. -The journal entry to record the cost of direct materials used in June includes each of the following except:

(Multiple Choice)

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Question 106

An important advantage of a standard cost system is that standard costs:

(Multiple Choice)

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Question 107

Standard cost system-materials and labor variances The Hemlock Corporation produces a single product.The company has developed the following standards for labor and materials: During the past month,the company purchased 3,500 pounds of direct materials at a total cost of $4,550.All of this material was used in the production of 1,300 units of output.Direct labor cost totaled $40,300 for the month.The following variances have been computed: Compute the following.If the result is a variance indicate whether it is favorable or unfavorable.If necessary,round your answers. (a)The standard price of materials. (b)The standard quantity of materials allowed per unit of output . (c)The actual direct labor cost per hour for the month . (d)The labor rate variance.

(Essay)

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Question 108

The presence of fixed costs in manufacturing overhead causes the actual amount of manufacturing overhead per unit of output to vary,depending on the actual production volume attained.

(True/False)

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Question 109

A standard cost is the per-unit cost incurred under:

(Multiple Choice)

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Question 110

Showing 101 - 110 of 110

If the standard quantity of materials is 84,500 units at $0.15 per unit and the actual quantity is 95,000 units at $0.12 per unit,then the total materials cost variance is:

Roman's labor rate variance for July is:

Using more direct labor hours for units produced than the amount allowed by the standard results in:

In a system designed to measure cost variances,goods transferred from the Work in Process account to the Finished Goods Inventory are valued at:

An important advantage of a standard cost system is that standard costs:

The presence of fixed costs in manufacturing overhead causes the actual amount of manufacturing overhead per unit of output to vary,depending on the actual production volume attained.

A standard cost is the per-unit cost incurred under:

Accounting: Information for Decision Making

Basic Financial Statements

The Accounting Cycle: Capturing Economic Events

The Accounting Cycle: Accruals and Deferrals

The Accounting Cycle: Reporting Financial Results

Merchandising Activities

Financial Assets

Inventories and the Cost of Goods Sold

Plant and Intangible Assets

Liabilities

Stockholders Equity: Paid-In Capital

Income and Changes in Retained Earnings

Statement of Cash Flows

Financial Statement Analysis

Global Business and Accounting

Management Accounting

Job Order Cost Systems and Overhead Allocations

Process Costing

Costing and the Value Chain

Cost-Volume-Profit Analysis

Incremental Analysis

Responsibility Accounting and Transfer Pricing

Operational Budgeting

Rewarding Business Performance

Capital Budgeting

the Time Value of Money: Future Amounts and Present Values

Forms of Business Organization

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