Practice test Chap11

Practice test Chap11 - Practice Test Chapter 11 Acctg 203...

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Unformatted text preview: Practice Test Chapter 11 Acctg 203 1. The materials quantity variance should be computed: A) based upon the amount of materials used in production. B) based upon the difference between the actual and standard prices per unit times the actual quantity used. C) only when there is a difference between standard and actual cost per unit for the materials. D) when materials are purchased. 2. The materials price variance should be computed: A) when materials are used in production. B) based upon the amount of materials used in production when only a portion of materials purchased is actually used. C) based upon the difference between the actual quantity of inputs and the standard quantity allowed for output times the standard price. D) when materials are purchased. 3. Home Company manufactures tables with vinyl tops. The standard material cost for the vinyl used per Type-R table is $7.80 based on six square feet of vinyl at a cost of $1.30 per square foot. A production run of 1,000 tables in January resulted in usage of 6,400 on six square feet of vinyl at a cost of $1....
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Practice test Chap11 - Practice Test Chapter 11 Acctg 203...

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