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1. During May, 6,000 pounds of raw materials were bought at a cost of $2.60 per pound. If there was favorable materials price variance of $900 for December, standard cost per pound should be:

 

a. $2.75

 

b. $2.60

 

c. $2.45

 

d.none of the above

 

2. During April, 80,000 units of product weremanufactured. Standard quantity of material allowed per unit was two pounds at standard cost of $5 per pound. If there was favorable materials usage variance of $40,000 for April, actual quantity of materials used should have been

 

a. 168,000 pounds

 

b. 152,000 pounds

 

c. 84,000 pounds

 

d. 76,000 pounds

 

Max Company has developed standards for one of its products which are given below:
Direct materials 15 pounds X $16 per pound
Direct labor 4 hours X $24 per hour
Variable overhead 4 hours X$14 per hour
following activities occurred during month of October:

company records materials price variances at time of purchase.

 

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 per hour 
Actual variable overhead $30,000

 

3. Max's variable standard cost per unit would be:

a. $392

b. $336

c. $296

d. $152

 

4. Max's materials price variance would be:

a. $50,000 favorable

b. $50,000 unfavorable

c. $10,000 unfavorable

d. $10,000 favorable

 

5. Max's labor efficiency variance would be:

a. $7,200 unfavorable

b. $7,200 favorable

c. $6,280 unfavorable

d. $6,280 favorable

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  • Category:- Accounting Basics
  • Reference No.:- M921505

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