Answered step by step
Verified Expert Solution
Question
1 Approved Answer
19. Which of the following statenents is true? A) An unfavorable variance results when actual costs decreasing variance results when actual costs are decreasing but
19. Which of the following statenents is true? A) An unfavorable variance results when actual costs decreasing variance results when actual costs are decreasing but standards are B) Variances are the differences between total actual costs and total standard cots C) When actual costs exceed standard costs, the variance is faveorable. D) All of the above are tue 20. Tools-N-Time has a standard of 1.5 pounds of materials per unit, at $4 per pound. In producing 2,000 units, Tools-N-Time used 3,100 pounds of materials at a total cost of $12,090. Tools-N-Time's total material variance is A) $400 U. B) $300 F C) $90 U. D) $310 U. 21. Tools-N-Time has a standard of 1.5 pounds of materials per unit, at 54 per pound. In producing 2,000 units, Tools-N-Time used 3,100 pounds of materials at a total cost of $12,090. Tools-N-Time's materials price variance is A) $400 F B) $90 U C) $700 F D) $310 F. 22. Tools-N-Time has a standard of 2 hours of labor per unit, at S12 per hour. In producing 2,000 units, Tools-N-Time used 3,850 hours of labor at a total cost of $46,970. Tools-N-Time's labor quantity variance is A) $1,800 F B) $1,930 F C) $1,030 F D) $770 U 23. Which one of the following describes the total overhead variance? A) The difference between what was actually incurred and the total production budget B) The difference between the overhead applied and the flexible budget amount C) The difference between what was actually incurred and the flexible budget amount D) The difference between what was actually incurred and overhead applied 24. A company purchases 15,000 pounds of materials. The matertala price varlance a $6,000 favorable. What is the difference between the standard and actual price the materials? paid for A)-52.00 B) S.40 C) $2.50 D) $10.00 5. A company uses 40,000 gallons of materials for which it paid $9.00 a gallon.The materials price variance was $80,000 favorable. What is the standard price per gallon? A) $2.00 B) $7.00 C) $10.00 D) $11.00
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started