SE_Ch10 - SAMPLE EXAM: CHAPTER 10 *SOLUTION FOUND AT END OF...

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SAMPLE EXAM: CHAPTER 10 ***SOLUTION FOUND AT END OF FILE*** 1. Use the following information: Actual hours worked 6,510 Actual wage rate $7.35 Units produced 2,100 Standard hours per unit 3 Standard wage rate $7.25 The total standard labor cost is: a. $ 2,173.50 b. $45,675.00 c. $46,305.00 d. $47,197.50 e. $47,848.50 2. If the actual labor cost for the month of October is $800,000, and the standard labor cost for the month is $740,000, what do we know about the labor variance? a. The rate variance and efficiency variance are both favorable. b. The rate variance and efficiency variance are both unfavorable. c. The rate variance is favorable while the efficiency variance is unfavorable. d. The rate variance is unfavorable while the efficiency variance is favorable. e. Insufficient information is available to determine whether each individual labor variance is favorable or unfavorable. 3. Use the following data from the records of Standard Manufacturing, Inc. to determine the actual direct labor rate paid during the period. Actual hours worked 6,500 Units produced 2,000 Standard hours per unit 3.3 Standard labor rate per hour $ 8.10 Labor rate variance $650 favorable a. $8.00 b. $8.10 b. $8.20 d. $7.90 e. $6.50
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SE_Ch10 - SAMPLE EXAM: CHAPTER 10 *SOLUTION FOUND AT END OF...

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