Workshop 7 - Quiz 7

Workshop 7 Quiz 7 - Points Awarded 50.00 Points Missed 0.00 Percentage 100 1 A standard cost is A a cost which is paid for a group of similar

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Unformatted text preview: Points Awarded 50.00 Points Missed 0.00 Percentage 100% 1. A standard cost is A) a cost which is paid for a group of similar products. B) the average cost in an industry. C) a predetermined cost. D) the historical cost of producing a product last year. Points Earned: 5.0/5.0 Correct Answer(s): C 2. An unfavorable materials quantity variance would occur if A) more materials were purchased than were used. B) actual pounds of materials used were less than the standard pounds allowed. C) actual labor hours used were greater than the standard labor hours allowed. D) actual pounds of materials used were greater than the standard pounds allowed. Points Earned: 5.0/5.0 Correct Answer(s): D 3. If actual costs are greater than standard costs, there is a(n) A) normal variance. B) unfavorable variance. C) favorable variance. D) error in the accounting system. Points Earned: 5.0/5.0 Correct Answer(s): B 4. The per-unit standards for direct labor are 2 direct labor hours at $15 per hour. If in producing 1,200 The per-unit standards for direct labor are 2 direct labor hours at $15 per hour....
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This note was uploaded on 09/24/2011 for the course MGMT 201 taught by Professor Parkin during the Fall '10 term at Buena Vista.

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Workshop 7 Quiz 7 - Points Awarded 50.00 Points Missed 0.00 Percentage 100 1 A standard cost is A a cost which is paid for a group of similar

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