Quiz_Week5 - I got 30 out of 40 for 75 This means I missed...

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I got 30 out of 40 for 75%. This means I missed 5 questions. 1
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1. Max Company has developed the following standards for one of its products. Direct materials: 15 pounds  ×  $16 per pound Direct labor: 4 hours  ×  $24 per hour Variable manufacturing overhead: 4 hours  ×  $14 per hour     The following activity occurred during the month of October:     Materials purchased: 10,000 pounds costing $170,000 Materials used: 7,200 pounds Units produced: 500 units Direct labor: 2,300 hours at $23.60/hour Actual variable manufacturing overhead: $30,000 The company records materials price variances at the time of purchase. The direct materials price variance is 1.  $50,000 favorable. 2.  $50,000 unfavorable. 3.  $10,000 unfavorable. 4.  $10,000 favorable. 2
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2. Which of the following equations measures the total budget variance? 1.  AQ × (AP - SP) 2.  SP × (AQ - SQ) 3.  SQ × (AP - SP) 4.  (AQ × AP) - (SQ × SP) 3
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3. Using more highly skilled direct laborers might affect which of the following variances? 1.  direct materials usage variance 2.  direct labor efficiency variance 3.  variable manufacturing overhead efficiency variance 4.  all of the above 4
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Frekko Company collected the following information: Standard costs per unit:        Variable overhead 4 machine hours @ $6 per machine hour      Fixed overhead 4 machine hours @ $10 per machine hour     Actual output 20,000 units Denominator (normal capacity) output 21,000 units Actual machine hours 79,000 machine hours Actual variable overhead cost $540,000 Actual fixed overhead cost $810,000 Refer to Exhibit 9-10. Using the two variance method, what is the volume variance? 1. 
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This note was uploaded on 03/08/2011 for the course ACCT 360 taught by Professor N/a during the Fall '10 term at Mountain State.

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Quiz_Week5 - I got 30 out of 40 for 75 This means I missed...

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