Question :
61. Paw-Paw Products produces and sells flannel covered dogbeds. In the : 1295666
61. Paw-Paw Products produces and sells flannel covered dogbeds. In the current year, Paw-Paw had expected to sell 8,000 beds but actually produced and sold 8,500 beds. The following information is available regarding the standard cost to produce a single dogbed:
Direct materials:
5 yards at $1.50 per yard
Direct labor:
40 minutes at $.20 per minute
In the current year, 44,000 yards of material were purchased and used at a cost of $1.60 per yard and 365,500 direct labor minutes were incurred at a cost of $.23 per minute. Refer to the Paw-Paw Products information above. The company’s direct labor efficiency variance for the current year was: A. $ 5,100 UB. $ 9,100 UC. $ 5,865 FD. $20,065 F
62. Meow Products Ltd. produces and sells scratching posts for cats. In the current year, the company had expected to sell 12,000 posts but actually produced and sold 10,000 posts. The following information is available regarding the standard cost to produce a single post:
Direct materials:
3 feet @ 1.75 per foot
Direct labor:
15 minutes @ $.30 per minute
In the current year, 38,000 feet of material were purchased out of which 35,000 feet were used at a cost of $1.55 per foot, and 160,000 direct labor minutes were incurred at a cost of $.32 per minute. Refer to the Meow Products Ltd. information above. The company’s direct materials price variance for the current year was: A. $2,350 FB. $7,600 FC. $7,000 UD. $4,100 U
63. Meow Products Ltd. produces and sells scratching posts for cats. In the current year, the company had expected to sell 12,000 posts but actually produced and sold 10,000 posts. The following information is available regarding the standard cost to produce a single post:
Direct materials:
3 feet @ 1.75 per foot
Direct labor:
15 minutes @ $.30 per minute
In the current year, 38,000 feet of material were purchased out of which 35,000 feet were used at a cost of $1.55 per foot, and 160,000 direct labor minutes were incurred at a cost of $.32 per minute. Refer to the Meow Products Ltd. information above. The company’s direct materials usage variance for the current year was: A. $14,000 FB. $ 1,750 FC. $ 3,500 UD. $ 8,750 U
64. Meow Products Ltd. produces and sells scratching posts for cats. In the current year, the company had expected to sell 12,000 posts but actually produced and sold 10,000 posts. The following information is available regarding the standard cost to produce a single post:
Direct materials:
3 feet @ 1.75 per foot
Direct labor:
15 minutes @ $.30 per minute
In the current year, 38,000 feet of material were purchased out of which 35,000 feet were used at a cost of $1.55 per foot, and 160,000 direct labor minutes were incurred at a cost of $.32 per minute. Refer to the Meow Products Ltd. information above. The company’s direct labor rate variance for the current year was: A. $ 200 FB. $ 200 UC. $2,800 FD. $2,800 U
65. Meow Products Ltd. produces and sells scratching posts for cats. In the current year, the company had expected to sell 12,000 posts but actually produced and sold 10,000 posts. The following information is available regarding the standard cost to produce a single post:
Direct materials:
3 feet @ 1.75 per foot
Direct labor:
15 minutes @ $.30 per minute
In the current year, 38,000 feet of material were purchased out of which 35,000 feet were used at a cost of $1.55 per foot, and 160,000 direct labor minutes were incurred at a cost of $.32 per minute. Refer to the Meow Products Ltd. information above. The company’s direct labor efficiency variance for the current year was: A. $ 3,000 UB. $ 3,000 FC. $12,000 UD. $12,000 F
66. Chilé Products Ltd. bottles and sells hot pepper sauce. In 2008, the company had expected to sell 60,000 bottles but actually bottled and sold 70,000 bottles. The standard direct materials cost for each bottle is $.28 comprised of .80 ounces at a cost of $.35 per ounce. During 2008, 68,000 ounces of material were purchased out of which 55,000 ounces were used at a cost of $.32 per ounce. Refer to the Chilé Products Ltd. information above. The direct materials price variance for 2008 was: A. $2,040 FB. $2,040 UC. $1,650 FD. $1,650 U
67. Chilé Products Ltd. bottles and sells hot pepper sauce. In 2008, the company had expected to sell 60,000 bottles but actually bottled and sold 70,000 bottles. The standard direct materials cost for each bottle is $.28 comprised of .80 ounces at a cost of $.35 per ounce. During 2008, 68,000 ounces of material were purchased out of which 55,000 ounces were used at a cost of $.32 per ounce. Refer to the Chilé Products Ltd. information above. The direct materials usage variance for 2008 was: A. $ 350 FB. $ 350 UC. $4,200 FD. $4,200 U
68. Mystic Falls Inc. bottles and sells a popular soft drink. In 2008, the company had expected to sell 1,000,000 bottles but actually bottled and sold 900,000 bottles. The standard direct materials cost for each bottle is $.40 comprised of 10 ounces at a cost of $.04 per ounce. During 2008, 10,000,000 ounces of material were purchased out of which 9,200,000 ounces were used at a cost of $.05 per ounce. Refer to the Mystic Falls Inc. information above. The direct materials price variance for 2008 was: A. $ 92,000 UB. $ 92,000 FC. $100,000 UD. $100,000 F
69. Mystic Falls Inc. bottles and sells a popular soft drink. In 2008, the company had expected to sell 1,000,000 bottles but actually bottled and sold 900,000 bottles. The standard direct materials cost for each bottle is $.40 comprised of 10 ounces at a cost of $.04 per ounce. During 2008, 10,000,000 ounces of material were purchased out of which 9,200,000 ounces were used at a cost of $.05 per ounce. Refer to the Mystic Falls Inc. information above. The direct materials usage variance for 2008 was: A. $ 8,000 UB. $ 8,000 FC. $40,000 UD. $40,000 F
70. Peterson Inc. uses direct labor hours as the cost driver for variable overhead. In order to calculate the variable overhead spending variance, which of the following items does not need to be known? A. Actual overhead costsB. Actual direct labor hoursC. Standard variable overhead rate per direct labor hourD. Standard direct labor hours allowed
