Chap 7 Practice quiz

Chap 7 Practice quiz - ACCOUNTING 230 Chapter 7 Practice...

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ACCOUNTING 230 Chapter 7 Practice Quiz Boring Company is a producer of classical music CDs. The information below pertains to the July production of its most popular CD, “Beddy-Bye with Beethoven.” Standard cost per record: Direct material 2 oz. at $ .50 per oz. Direct labor .5 hrs. at $6.00 per hr. Variable overhead .5 hrs. at $2.00 per hr. Actual operating data for July: Material purchased 500 ozs. For $265 Material used in production 240 ozs. Direct labor cost incurred $520 Direct labor hours worked 72 hrs. Variable overhead cost incurred $230 Boring’s overhead rates are based on direct labor hours. 120 CDs were produced in July and 90 were sold 1. What is Boring’s materials price variance? A. $145 unfavorable B. $130 unfavorable C. $ 15 unfavorable D. $ 0 E. None of the above 2. What is Boring’s labor efficiency variance? A. $72 unfavorable
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Chap 7 Practice quiz - ACCOUNTING 230 Chapter 7 Practice...

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