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1)  Mmanagement of Hamano Corporation would like you to analyze their repair costs, that are given below:

 Machine-Hours Repair-Hours April 4,459 \$98,523 May 4,426 \$98,296 June 4,493 \$98,781 July 4,417 \$98,207 August 4,432 \$98,349 September 4,446 \$98,420 October 4,489 \$98,749 November 4,475 \$98,654

Management believes that repair cost is a mixed cost which depends on number of machine-hours. Using least-squares regression method, estimates of variable and fixed components of repair cost would be closest to:

a) \$22.11 per machine-hour plus \$98,497 per month

b) \$7.37 per machine-hour plus \$65,670 per month

c) \$8.19 per machine-hour plus \$62,015 per month

d) \$7.55 per machine-hour plus \$64,859 per month

2) During recent lengthy strike at Morell Manufacturing Company, management replaced striking assembly line workers with office workers. Assembly line workers were being paid \$18 per hour whereas office workers are only paid \$10 per hour. Determine the most likely effect on labor variances in first month of this strike?

 Labor Rate Variance Labor Efficiency Variance A) Unfavorable No effect B) No effect Unfavorable C) Unfavorable Favorable D) Favorable Unfavorable

a) Item A

b) Item B

c) Item C

d) Item D

3) Journal entry below

 Work in Process 25,000 Direct Labor Efficiency Variance 1,200 Direct Labor Rate Variance 2,000 Accrued Wages Payable 24,200

Indicates that:

A. Total labour variance was \$800, unfavourable.

B. Employees received unexpected rate increase during period.

C. More labour time was required to complete output of period than was allowed at standard.

D. Responses a and b are both correct.

Accounting Basics, Accounting

• Category:- Accounting Basics
• Reference No.:- M916286

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