Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

problem 1) XYZ Company utilizes 40,000 gallons of materials for which it paid $9.00 a gallon. The materials price variance was $80,000 favorable. What is find out the standard price per gallon?

a) $2.00
b) $7.00
c) $10.00
d) $11.00
e) None of the above

problem 2) Sunshine Company produced 96,000 units in 45,000 direct labor hours. Production for period was budgeted at 99,000 units and 45,500 direct labor hours. Flexible budget would compare budget and actual, respectively at:

a) 48,000 hours and 49,500 hours.
b) 49,500 hours and 45,000 hours.
c) 48,000 hours and 45,000 hours.
d) 45,000 hours and 45,000 hours.

problem 3) The unfavorable materials quantity variance would take place if

a) actual labor hours used were greater than standard labor hours allowed.
b) actual pounds of materials used were less than standard pounds allowed.
c) more materials are purchased than are used.
d) actual pounds of materials used were greater than the standard pounds allowed.

problem 4) The unfavorable materials quantity variance would take place if:

a) more materials are purchased than are used.
b) actual pounds of materials used were less than 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.

problem 5) Make-In-It Corp. has the unfavorable labor quantity variance. Which statement is false?

a) Unfavorable labor quantity variance is usually not related to material price variance, but it could be if a company purchases poor quality material.
b) Unfavorable labor quantity variance could be caused by using inexperienced workers.
c) Unfavorable variance means someone, somewhere, is performing poorly.
d) An unfavorable labor quantity variance means more time was required than the standard allows.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M99494

Have any Question? 


Related Questions in Accounting Basics

To understand the accounting equation and its

To understand the accounting equation and its elements QUESTION Mr. "A" starts a new business. Before to start the business operation, he has purchased vehicle Rs. 1,500,000, office premises Rs. 3,000,000, stock of goods ...

Incorporation of plummet companyplummet company is created

Incorporation of Plummet Company Plummet Company is created with the following asset contributions. John and Jill are equal owners in this new business venture. Shareholder Assets Basis Fair Market Value John Cash Servic ...

Accounting assignmentgrant film products wishes to expand

Accounting Assignment Grant Film Products wishes to expand and has borrowed $100,000. As a condition for making this loan, the bank requires that the business maintain a current ratio of at least 1.50. Business has been ...

1 identify an industry to focus on it is suggested that you

1) Identify an industry to focus on (It is suggested that you use an industry that is expanding rather than consolidating, but the choice is yours to make). Explain why you chose this industry and its environment. 2) Ide ...

Expl principles of accountingdepartment Expl Principles of Accounting Department

Expl Principles of Accounting Department Responsibility • Why should responsibility for related transactions be divided among different departments or individuals? Do you agree the transactions should be divided? Why or ...

Please see the list of stock from a virtual game that

Please see the list of stock from a virtual game that student invested during the period Sep 2016- Dec 2016. The returns are shown as well. Please use this information to write a report 2-4 pages about the project. Your ...

Accountingabsorption and variable costing please respond to

Accounting Absorption and Variable Costing: Please respond to one of the following: Option 1 Create a situation for determining performance evaluations and bonuses where absorption-costing operating income is used both t ...

Question 1the company you work for has a large amount of

Question 1 The company you work for has a large amount of disposable cash and very little debt on its books. The board of directors has expressed an interest in taking this money and investing in equity and debt securiti ...

Assignmentaccounting is the study of how businesses track

Assignment Accounting is the study of how businesses track their income and assets over time. Accountants engage in a wide variety of activities besides preparing financial statements and recording business transactions. ...

Assignmentduring your examination of the accounts

Assignment During your examination of the accounts receivable of Hope Ranch, a new client, you notice that one account is much larger than the rest, and you therefore decide to examine the evidence supporting this custom ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen