gnbexam10 - GNB 11/e Practice Exam Chapter 10 Print these...

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GNB 11/e Practice Exam – Chapter 10 Print these pages. Answer each of the following questions, explaining your answers or showing your work, as appropriate, and then compare your solutions to those provided at the end of the practice exam. 1. Pierre Company employs a standard cost system in which direct materials inventory is carried at standard cost. The company has established the following standards for the prime costs of one unit of product: Standard Quantity Standard Price Standard Cost Direct materials 12.0 pounds $14.00/pound $168.00 Direct labor 2.6 hours $44.00/hour 114.40 $282.40 During June, Pierre purchased 330,000 pounds of direct material at a total cost of $4,686,000. The total factory wages for June were $3,200,000, of which 90% was for direct labor. Pierre manufactured 25,000 units of product during June using 302,000 pounds of direct material and 64,000 direct labor hours. Part (a) What is the price variance for the direct material acquired by the company during June? Part (b) What is the direct material quantity variance for June?
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Part (c) What is the direct labor rate variance for June? Part (d) What is the direct labor efficiency variance for June? 2.
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This note was uploaded on 10/13/2010 for the course ACCT 203 taught by Professor Schorg during the Spring '07 term at Loyola New Orleans.

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gnbexam10 - GNB 11/e Practice Exam Chapter 10 Print these...

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