12. A favorable labor rate variance indicates that A. Actual hours exceed standard hours B. Standard hours exceed actual hours C The actual rate exceeds the standard rate D. The standard rate exceeds the actual rate 13. Elliott Corporation makes and sells a single product. Last period the company's labor rate variance was $14,400 unfavorable. During the period, the company worked 36.000 actual direct labor-hours at an actual cost of $338.400. The standard labor rate for the product in dollars per hour is: A. 9.00 B. $9.40 C$8.50 D $8.10 14. Danny Electronics Corporation uses a standard cost system for the production of its water ski radios. The direct labor standard for each radio is 0.9 hours. The standard direct labor cost per hour is $7.20. During the month of August, Danny's water ski radio production used 6,600 direct labor-hours at a total direct labor cost of 548,708. What is Danny's labor rate variance for August? A $1,188 Favorable B. $1,188 Unfavorable C. $2,160 Favorable D. $2,160 Unfavorable 13. Emily Corporation's cost of goods manufactured for the just completed month was $146,000. The beginning finished goods inventory was $35,000 and the ending finished goods inventory was $37,000. How much was the cost of goods sold? A. $181,000 B. $146,000 C. $144,000 D. $139,000 16. If manufacturing overhead is under applied, then: A actual manufacturing overhead cost is less than estimated manufacturing overhead cost B. the amount of manufacturing overhead cost applied to Work in Process is less than the actual manufacturing overhead cost incurred. C. the predetermined overhead rate is too high. D. the Manufacturing Overhead account will have a credit balance at the end of the year. 17. Selling used equipment, for cash, at book value will: A Increase working capital B. Decresse working capital C Decresse debt-to-equity ratio D. Increase net income 18. A company's current ratio is greater than 1.0. Purchasing raw materials for cash will: A Not change the current ratio B. Increase the current ratio C Decrease the current ratio D. Increase net working capital 19. A company's DSO (Daya Sales Outstanding) would expect to improve as a result of A The terms of sale changed from net 30 to net 43 days from invoice date B. A drop is sale price C. An increase in cash sales in proportion to credit sales D. A change in the credit policy to shorten the period for cash discounts
