Question :
73.Refer to the information above. The journal entry to record : 1259708
73.Refer to the information above. The journal entry to record the cost of direct labor used in this period includes:
A. A debit to Work in Process Inventory of $2,880.
B. A debit to Work in Process Inventory of $2,560.
C. A credit to Direct Labor Rate Variance of $320.
D. A credit to Direct Labor Rate Variance of $360.
74.The use of inexpensive, low quality, materials often results in:
A. A favorable materials quantity variance.
B. A favorable labor rate variance.
C. An unfavorable materials quantity variance.
D. An unfavorable materials price variance.
75.Excessive overtime hours worked by direct labor workers often results in:
A. An unfavorable labor rate variance.
B. A favorable labor rate variance.
C. A favorable materials price variance.
D. An unfavorable materials price variance.
76.Unfavorable standard cost variances are normally closed at the end of the period by:
A. Debiting the variance account and crediting Cost of Goods Sold.
B. Crediting the variance account and debiting Cost of Goods Sold.
C. Debiting the variance account and crediting Work in Process.
D. Crediting the variance account and debiting Work in Process.
77.Favorable standard cost variances are normally closed at the end of the period by:
A. Crediting the variance account and debiting Cost of Goods Sold.
B. Debiting the variance account and crediting Cost of Goods Sold.
C. Debiting the variance account and crediting Work in Process.
D. Crediting the variance account and debiting Work in Process.
78.A large favorable variance from standard costs at the end of the year should be:
A. Carried forward to the next fiscal year.
B. Shown as other income in the income statement.
C. Added to cost of goods sold in the income statement.
D. Allocated between ending inventories and cost of goods sold.
79.In a standard cost system, finished goods are reported in:
A. The balance sheet at standard cost.
B. The balance sheet at actual cost.
C. The income statement at standard cost.
D. The income statement at actual cost.
80.EJB Company used a “normal” production level of 10,000 units to determine the standard per-unit cost of manufacturing overhead. Which of the following is not true?
A. There is no overhead volume variance for a given month if actual production that month is 10,000 units.
B. When actual production exceeds 10,000 units, use of standard costs results in a favorable overhead volume variance.
C. When actual production is less than 10,000 units, use of standard costs results in an unfavorable total overhead variance.
D. Overhead variances arising as a result of producing more or less than 10,000 units do not indicate either strong or poor performance by the Production Department.
81.The total overhead variance is the difference between:
A. Budgeted overhead and applied overhead.
B. Actual overhead and budgeted overhead.
C. Actual overhead and applied overhead.
D. Applied overhead and budgeted overhead.
82.Factory overhead variances are usually recorded when:
A. Overhead is applied to Work in Process.
B. Goods are finished and transferred to finished goods inventory.
C. Goods are sold.
D. Actual factory overhead costs are incurred.
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