1. Which of the following variances are most similar with respect to the manner in which they are calculated? A- Labor rate variance and labor efficiency variance. B- Material price variance and material quantity variance. C- Material price variance, material quantity variance, and total material variance. D- Material price variance and labor rate variance. E- Material price variance and labor efficiency variance. 2.An unfavorable labor rate variance is created when: A- actual labor hours worked exceed standard hours allowed. B- actual hours worked are less than standard hours allowed. C- actual wages paid are less than amounts that should have been paid. D- actual units produced exceed budgeted production levels. E- actual wages paid exceed amounts that should have been paid for the number of hours worked. 3. Dana, Inc. recently completed 56,000 units of a product that was expected to consume four pounds of direct material per finished unit. The standard price of the direct material was $8.50 per pound. If the firm purchased and consumed 228,000 pounds in manufacturing (cost = $1,881,000), the direct-material quantity variance would be: A- $34,000U. B- $34,000F. C- $57,000U. D- $57,000F. E- None of these. 4.Direct material purchased and used, 80,000 gallons Standard quantity of direct material allowed for May production, 76,000 gallons Actual cost of direct materials purchased and used, $176,000 Unfavorable direct-material quantity variance, $9,400 The direct-material price variance is: A- $11,400F. B- $11,400U. C- $12,000F. D- $12,000U. E- None of these