Question : 81. The following data given for the Taylor Company: Budgeted production 1,000 units : 1246896

 

 

81. The following data is given for the Taylor Company: 

Budgeted production

1,000 units

Actual production

   980 units

Materials:

 

  Standard price per lb

$2.00

  Standard pounds per completed unit

12

  Actual pounds purchased and used in production

11,800

  Actual price paid for materials

$23,000

Labor:

 

  Standard hourly labor rate

$14 per hour

  Standard hours allowed per completed unit

4.5

  Actual labor hours worked

4,560

  Actual total labor costs

$62,928

Overhead:

 

  Actual and budgeted fixed overhead

$27,000

  Standard variable overhead rate

$3.50 per standard labor hour

  Actual variable overhead costs

$15,500

 

 

  Overhead is applied on standard labor hours. The direct material price variance is: A. 600FB. 600UC. 80FD. 80U

 

82. The following data is given for the Taylor Company: 

Budgeted production

1,000 units

Actual production

   980 units

Materials:

 

  Standard price per lb

$2.00

  Standard pounds per completed unit

12

  Actual pounds purchased and used in production

11,800

  Actual price paid for materials

$23,000

Labor:

 

  Standard hourly labor rate

$14 per hour

  Standard hours allowed per completed unit

4.5

  Actual labor hours worked

4,560

  Actual total labor costs

$62,928

Overhead:

 

  Actual and budgeted fixed overhead

$27,000

  Standard variable overhead rate

$3.50 per standard labor hour

  Actual variable overhead costs

$15,500

 

 

  Overhead is applied on standard labor hours. The direct material quantity variance is: A. 600FB. 600UC. 80FD. 80U

 

83. The following data is given for the Stringer Company: 

Budgeted production

26,000 units

Actual production

27,500 units

Materials:

 

  Standard price per ounce

$6.50

  Standard ounces per completed unit

8

  Actual ounces purchased and used in production

228,000

  Actual price paid for materials

$1,504,800

Labor:

 

  Standard hourly labor rate

$22 per hour

  Standard hours allowed per completed unit

6.6

  Actual labor hours worked

183,000

  Actual total labor costs

$4,020,000

Overhead:

 

  Actual and budgeted fixed overhead

$1,029,600

  Standard variable overhead rate

$24.50 per standard labor hour

  Actual variable overhead costs

$4,520,000

 

 

  Overhead is applied on standard labor hours. The direct material price variance is: A. 22,800UB. 22,800FC. 52,000UD. 52,000F

 

84. The following data is given for the Stringer Company: 

Budgeted production

26,000 units

Actual production

27,500 units

Materials:

 

  Standard price per ounce

$6.50

  Standard ounces per completed unit

8

  Actual ounces purchased and used in production

228,000

  Actual price paid for materials

$1,504,800

Labor:

 

  Standard hourly labor rate

$22 per hour

  Standard hours allowed per completed unit

6.6

  Actual labor hours worked

183,000

  Actual total labor costs

$4,020,000

Overhead:

 

  Actual and budgeted fixed overhead

$1,029,600

  Standard variable overhead rate

$24.50 per standard labor hour

  Actual variable overhead costs

$4,520,000

 

 

  Overhead is applied on standard labor hours. The direct material quantity variance is: A. 22,800FB. 22,800UC. 52,000FD. 52,000U

 

85. The Lucy Corporation purchased and used 129,000 board feet of lumber in production, at a total cost of $1,548,000. Original production had been budgeted for 22,000 units with a standard material quantity of 5.7 board feet per unit and a standard price of $12 per board foot. Actual production was 23,500 units. Compute the material price variance. A. 0B. 59,400UC. 59,400FD. 6,000U

 

86. The Lucy Corporation purchased and used 129,000 board feet of lumber in production, at a total cost of $1,548,000. Original production had been budgeted for 22,000 units with a standard material quantity of 5.7 board feet per unit and a standard price of $12 per board foot. Actual production was 23,500 units. Compute the material quantity variance. A. 63,000FB. 63,000UC. 59,400FD. 59,400U

 

87. If the wage rate paid per hour differs from the standard wage rate per hour for direct labor, the variance is termed: A. variable varianceB. rate varianceC. quantity varianceD. volume variance

 

88. If the actual direct labor hours spent producing a commodity differ from the standard hours, the variance is termed: A. time varianceB. price varianceC. quantity varianceD. rate variance

 

89. The following data relate to direct labor costs for the current period: 

Standard costs

7,500 hours at $11.50

Actual costs

6,000 hours at $12.00

 

 

What is the direct labor time variance? A. $3,000 favorableB. $15,000 unfavorableC. $2,400 favorableD. $17,250 favorable

 

90. The following data relate to direct labor costs for the current period: 

Standard costs

6,000 hours at $12.00

Actual costs

7,500 hours at $11.60

 

 

What is the direct labor rate variance? A. $15,000 unfavorableB. $3,000 favorableC. $17,400 unfavorableD. $2,400 favorable