Question : 66)  ______ A)  the difference between the actual wage rate : 1196270

66)  ______ A)  the difference between the actual wage rate and the budgeted rate, times the budget hours. B)  the total of the price and efficiency labour variances. C)  only the price variance. D)  only the efficiency variance. E)  the difference between the actual wage rate and the budgeted rate, times the actual hours.  67)  When a journal entry is made to record the direct materials used, a debit to the Direct Materials Efficiency Variance 67)  ______ A)  indicates the variance is unfavourable. B)  indicates the variance is favourable. C)  also requires a debit to the materials control account. D)  is the difference between the actual Costs of Goods Sold and the budgeted Materials Control accounts. E)  is the difference between the debits and credits of all materials’ related entries.  68)  Information concerning the direct materials cost for a company is as follows; actual results 1,000 hours, $25 per unit cost; static budget amounts were 900 hours and $21 per unit cost for direct materials.  Direct labour figures available show a $92,000 F static budget variance.

Required:  What is the static-budget variance for direct materials? 68)  ______ A)  $4,000 F B)  $92,000 U C)  $92,000 F D)  $4,000 U E)  $6,100 U  69)  Information concerning the direct materials cost for a company is as follows; actual results 1,000 hours, $25 per unit cost; static budget amounts were 900 hours and $21 per unit cost for direct materials.  Direct labour figures available show a $92,000 F static budget variance.

Required:  What is the variance caused by cost of direct materials used? 69)  ______ A)  $4,000 F B)  $92,000 U C)  $4,000 U D)  $6,100 U E)  $92,000 F  70)  Information concerning the direct materials cost for a company is as follows; actual results 1,000 hours, $25 per unit cost; static budget amounts were 900 hours and $21 per unit cost for direct materials.  Direct labour figures available show a $92,000 F static budget variance.

Required:  What is the volume variance for direct materials used? 70)  ______ A)  $2,100 U B)  $2,100 F C)  $6,100 U D)  $92,000 F E)  $92,000 U  71)  Information concerning the direct materials cost for a company is as follows; actual results 1,000 hours, $17 per unit cost; static budget amounts were 900 hours and $21 per unit cost for direct materials.  Direct labour figures available show a $6,100 U static budget variance.

Required:  What is the static-budget variance for direct materials? 71)  ______ A)  $6,100 U B)  $1,900 F C)  $1,900 U D)  $4,000 F E)  $6,100 F  72)  Information concerning the direct materials cost for a company is as follows; actual results 1,000 hours, $17 per unit cost; static budget amounts were 900 hours and $21 per unit cost for direct materials.  Direct labour figures available show a $6,100 U static budget variance.

Required:  What is the variance caused by cost of direct materials used? 72)  ______ A)  $1,900 U B)  $6,100 F C)  $1,900 F D)  $6,100 U E)  $4,000 F  73)  Information concerning the direct materials cost for a company is as follows; actual results 1,000 hours, $17 per unit cost; static budget amounts were 900 hours and $21 per unit cost for direct materials.  Direct labour figures available show a $6,100 F static budget variance.

Required:  What is the volume variance for direct materials used? 73)  ______ A)  $6,100 U B)  $6,100 F C)  $2,100 U D)  $2,100 F E)  $4,000 F  74)  The process in which a company’s products or services are measured relative to the best possible levels of performance is known as 74)  ______ A)  budgeting. B)  benchmarking. C)  measuring the performance gap. D)  standard measurement. E)  variance measurement.  75)  All of the following statements about benchmarks are true EXCEPT 75)  ______ A)  they are not used to compute a variance. B)  they may be financial or nonfinancial. C)  benchmarks may be found in a competing organization. D)  many consulting firms offer benchmarking services. E)  cost benchmark reports are attention-directing in nature.