180.Martinez Bakery has prepared the following flexible budget analysis for October:

CostFlexible BudgetPrice VarianceQuantity Variance

Materials$11,000$430 U$780 F

Labor45,000470 F150 U

Martinez Bakery purchased the same amount of units of materials as it used in production. The number of pounds of materials used totaled 2,130. Each unit of product requires a ½ pound of material. The standard cost per unit was $5.50 per pound.

                                         How much is the actual cost of materials used?

                                        How much did the company spend per pound of material?

                                         How many pounds of material were allowed in the flexible budget?

                                        How many units of product did the company produce?

181.Martinez Bakery has prepared the following flexible budget analysis for October:

CostFlexible BudgetPrice VarianceQuantity Variance

Materials$11,000$430 U$780 F

Labor45,000300 F150 U

The actual labor rate per hour was $13.00. The standard labor time is 6 minutes per unit.

                                         How much is the actual cost of labor incurred?

                                        How much is the actual number of hours used?

                                         How much is the standard labor rate allowed in the flexible budget?

                                        How many units of product did the company produce?

182.Select the one variance that would most likely result from each of the cases presented by printing the letter of your choice in the answer space provided. If no variance would likely result directly from any case listed, print ‘None’ in the answer space.

Variances

A. favorable materials price varianceG. favorable labor efficiency variance

B. unfavorable materials price varianceH. unfavorable labor efficiency variance

C. favorable materials quantity varianceI. favorable overhead controllable variance

D. unfavorable materials quantity varianceJ. unfavorable overhead controllable variance

E. favorable labor rate varianceK. favorable overhead volume variance

F. unfavorable labor rate varianceL. unfavorable overhead volume variance

CaseAnswer

1. The company purchased more materials than it used during the period.

2. Employees used more indirect materials than expected.

3. Employees worked more slowly than expected.

4. The purchasing manager skillfully negotiated a better price for higher quality materials.

5. The company produced fewer units than budgeted.

183.Andros Company produces ladders. It uses direct labor hours as the cost driver for overhead. The following information was provided concerning its standard cost system for 2014:

Budgeted and Standard DataActual Data

Direct material0.8 lbs. @ $6.40 per lb.Produced2,130 ladders

Direct labor0.9 hrs. @ $15 per hr.Materials purchased1,700 lbs. for $11,135

Fixed overhead$8.20 per labor hourDirect materials used1,740 lbs.

Variable overhead$11,700Direct labor worked2,010 hrs. costing $16,093

Production2,000 laddersVariable overhead$11,620

Fixed overhead$16,620

Calculate all the overhead variances and indicate if each is favorable or unfavorable.

11) The functions of money are

A) medium of exchange, unit of account, and store of value.

B) medium of exchange, the ability to buy goods and services, and the ability to pay off debts.

C) medium of exchange, the ability to buy goods and services, and checking accounts.

D) credit cards, checking accounts, currency, and coins.

E) store of value, use as a barter mechanism, and unit of account.

12) Money serves as a

A) means of payment, legal obligation, and public tax.

B) medium of exchange, unit of account, and store of value.

C) means of settling debts, transaction lubricant, and private commodity.

D) means of worker exploitation and capitalist enrichment.

E) means to conduct barter transactions.

13) Which of the following is NOT among the primary functions of money?

A) unit of account

B) store of value

C) indicator of supply

D) medium of exchange

E) an object that is generally accepted in return for goods and services

14) Money performs all of the following functions EXCEPT serving as a

i.medium of exchange.

ii.unit of account.

iii.barter mechanism.

A) i only

B) ii only

C) iii only

D) i and ii

E) ii and iii

15) When you join the local organic food market and then buy produce each month, money is used as

A) only a store of value.

B) only a unit of account.

C) a medium of exchange and a store of value.

D) a medium of exchange and a unit of account.

E) a store of value and a unit of account.

16) Barter requires the

A) use of commodity money as a medium of payment.

B) use of fiat money as a medium of exchange.

C) the triple non-coincidence of wants.

D) exchange of goods and services directly for other goods and services.

E) use of money as a unit of account.

17) The medium of exchange is defined as

A) barter.

B) the exchange of goods and services directly for goods and services.

C) an object that is accepted in return for goods and services.

D) credit cards.

E) an item that can be stored and hold its value over time.

18) A barter system of payment is

A) similar to a money system of payment because both require a double coincidence of wants.

B) similar to a money system of payment because both use one asset as a unit of account.

C) different from a money system of payment because the barter system is a better unit of account.

D) different from a money system of payment because money does not require a double coincidence of wants.

E) similar to a money system of payment because both are used as stores of value and units of account.

19) In performing which of its primary functions does money solve the problem of the double coincidence of wants?

A) medium of exchange

B) unit of account

C) store of value

D) barter system

E) money supply

20) The "double coincidence of wants" is

A) what is needed to use money.

B) eliminated with the use of money.

C) eliminated when we barter instead of using money.

D) how value is stored when we transact with money.

E) money's role as a unit of account.

11) The functions of money are

A) medium of exchange, unit of account, and store of value.

B) medium of exchange, the ability to buy goods and services, and the ability to pay off debts.

C) medium of exchange, the ability to buy goods and services, and checking accounts.

D) credit cards, checking accounts, currency, and coins.

E) store of value, use as a barter mechanism, and unit of account.

12) Money serves as a

A) means of payment, legal obligation, and public tax.

B) medium of exchange, unit of account, and store of value.

C) means of settling debts, transaction lubricant, and private commodity.

D) means of worker exploitation and capitalist enrichment.

E) means to conduct barter transactions.

13) Which of the following is NOT among the primary functions of money?

A) unit of account

B) store of value

C) indicator of supply

D) medium of exchange

E) an object that is generally accepted in return for goods and services

14) Money performs all of the following functions EXCEPT serving as a

i.medium of exchange.

ii.unit of account.

iii.barter mechanism.

A) i only

B) ii only

C) iii only

D) i and ii

E) ii and iii

15) When you join the local organic food market and then buy produce each month, money is used as

A) only a store of value.

B) only a unit of account.

C) a medium of exchange and a store of value.

D) a medium of exchange and a unit of account.

E) a store of value and a unit of account.

16) Barter requires the

A) use of commodity money as a medium of payment.

B) use of fiat money as a medium of exchange.

C) the triple non-coincidence of wants.

D) exchange of goods and services directly for other goods and services.

E) use of money as a unit of account.

17) The medium of exchange is defined as

A) barter.

B) the exchange of goods and services directly for goods and services.

C) an object that is accepted in return for goods and services.

D) credit cards.

E) an item that can be stored and hold its value over time.

18) A barter system of payment is

A) similar to a money system of payment because both require a double coincidence of wants.

B) similar to a money system of payment because both use one asset as a unit of account.

C) different from a money system of payment because the barter system is a better unit of account.

D) different from a money system of payment because money does not require a double coincidence of wants.

E) similar to a money system of payment because both are used as stores of value and units of account.

19) In performing which of its primary functions does money solve the problem of the double coincidence of wants?

A) medium of exchange

B) unit of account

C) store of value

D) barter system

E) money supply

20) The "double coincidence of wants" is

A) what is needed to use money.

B) eliminated with the use of money.

C) eliminated when we barter instead of using money.

D) how value is stored when we transact with money.

E) money's role as a unit of account.

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