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32. Wild West Inc. produces a product requiring 3 direct labor hours at $20.00 per hour. During January, 2,000 products are produced using 6,300 direct
32. Wild West Inc. produces a product requiring 3 direct labor hours at $20.00 per hour. During January, 2,000 products are produced using 6,300 direct labor hours. Wild West's actual payroll during January was $122.850. What is the labor quantity variance! A) $2,850 U B) $6,000 F C) $3,150 F D) $6,000 U 33. In preparing a statement of cash flows, the issuance of debt should be reported separately from the retirement of debt. A) True B) False 34. The direct labor quantity standard is sometimes called the direct labor A) effectiveness standard. B) volume standard. C) quality standard. D) efficiency standard. 35. If budgets are to be effective, all of the following must be present except A) stockholders' approval of the budget. B) research and analysis in setting realistic goals. C) sound organizational structure. D) acceptance at all levels of management. 36. Cola Co. manufactures a product with a standard direct labor cost of two hours at $24.00 per hour. During July, 2.000 units were produced using 4,200 hours at $24.40 per hour The labor price variance was A) $6,480 F. B) $4,800 U. C) $1,680 U. D) $6,480 U. 37. Which one of the following is not needed in preparing a production budget? A) Budgeted unit sales B) Budgeted raw materials C) Beginning finished goods units D) Ending finished goods units
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