1. Widget manufacturing Company is closing out production jobs for the month of May. The standard material quantity is 1,000 pounds and the company actually used 940 pounds. Which of the following would the journal entry record as the quantity variance? // a debit to raw materials inventory // a credit to work in process inventory // a debit to materials quantity variance // a credit to materials quantity variance

2. Widget manufacturing is closing out the month of July. The budget called for production of 4,000 units but actual production was only 3,500 units. The entry to apply fixed factory overhead would include which? // credit to Work in Process Inventory // debit to fixed overhead spending variance // credit to fixed overhead volume variance // debit to factory overhead // debit to fixed overhead volume variance

3. Actual direct material used for the month of June totaled 14,500 pounds in order to produce 4,700 equivalent units. The June budget called for using 15,000 pounds of material to produce 5,000 units. What was the material usage variance for the month?