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Unformatted text preview: Problem 132 Name: Section: Score: 0% Answers are entered in the cells with gray backgrounds. Cells with nongray backgrounds are protected and cannot be edited. A red asterisk (*) will appear in the row immediately beside or below an incorrect answer. 1. a. Direct Materials Cost Variance Price variance: Actual price Standard price Variance  Actual quantity x = Quantity variance: Actual quantity Standard quantity Variance  x Standard price = Total cost variance  1. b. Direct Labor Cost Variance Rate variance: Actual rate Standard rate Variance  Actual time (hours) x = Time variance: Actual time (hours) Standard time (hours) Variance  Standard rate x = Total cost variance  1. c. Factory Overhead Cost Variance Variable factory overhead controllable variance: Actual variable factory overhead cost incurred Budgeted variable factory overhead for 1,300 hrs. Variance  Fixed factory overhead volume variance: Normal capacity at 100% (hours) Standard for amount produced (hours) Productive capacity not used (hours)...
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This note was uploaded on 11/04/2011 for the course ACC 121 taught by Professor Thomas during the Winter '08 term at Baker MI.
 Winter '08
 THOMAS
 Accounting

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