Question : 71. The following company information available: Direct materials used for production 712 : 1256721

 

 

71. The following company information is available: 

Direct materials used for production

712 pounds

Standard quantity for units produced

750 pounds

Standard cost per pound of direct material

$48

Actual cost per pound of direct material

$50

The direct materials quantity variance is:A.  $1,824 favorableB.  $1,424 favorableC.  $400 favorableD.  $1,824 unfavorableE.  $1,424 unfavorable

 

Reference: 21_03

Bradford Company budgeted 4,000 pounds of material costing $5 per pound to produce 2,000 units. The company actually used 4,500 pounds that cost $5.10 per pound to produce 2,000 units.

 

 

72. What is the direct materials quantity variance?A.  $400 unfavorableB.  $450 unfavorableC.  $2,500 unfavorableD.  $2,550 unfavorableE.  $2,950 unfavorable

 

 

 

 

 

 

73. What is the direct materials price variance?A.  $400 unfavorableB.  $450 unfavorableC.  $2,500 unfavorableD.  $2,550 unfavorableE.  $2,950 unfavorable

 

Reference: 21_04

A company has established 5 pounds of Material M at $2 per pound as the standard for the material in its Product A. The company has just produced 1,000 units of this product, using 5,200 pounds of Material M that cost $9,880.

 

 

74. The direct materials quantity variance is:A.  $400 unfavorableB.  $120 favorableC.  $400 favorableD.  $520 favorableE.  $520 unfavorable

 

 

75. The direct materials price variance is:A.  $520 unfavorableB.  $400 unfavorableC.  $120 favorableD.  $520 favorableE.  $400 favorable

 

Reference: 21_05

A job was budgeted to require three hours of labor per unit at $8 per hour. The job consisted of 8,000 units and was completed in 22,000 hours at a total labor cost of $198,000.

 

 

76. What is the total labor cost variance?A.  $22,000 unfavorable B.  $16,000 unfavorable C.  $6,000 unfavorable D.  $16,000 favorableE.  $22,000 favorable

 

 

77. What is the labor rate variance?A.  $22,000 unfavorable B.  $16,000 unfavorable C.  $6,000 unfavorable D.  $16,000 favorableE.  $22,000 favorable

 

 

78. What is the total labor efficiency variance?A.  $22,000 unfavorable B.  $16,000 unfavorable C.  $6,000 unfavorable D.  $16,000 favorableE.  $22,000 favorable

 

 

79. The entry to record the labor costs and variances would include a:

A. debit to Goods in Process for $198,000.

B. credit to Factory Payroll for $192,000.

C. debit to Direct Labor Cost Variance for $6,000.

D. credit to Direct Labor Cost Variance for $6,000.

E. credit to Direct Labor Efficiency Variance for $16,000

 

 

 

 

80. The standard materials cost to produce one unit of Product M is 6 pounds of material at a standard price of $50 per pound. In manufacturing 8,000 units, 47,000 pounds of material were used at a cost of $51 per pound. What is the total direct material cost variance?A.  $48,000 unfavorableB.  $51,000 favorableC.  $51,000 unfavorableD.  $ 3,000 favorableE.  $ 3,000 unfavorable

 

 

 

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