4 5 6 7 Question 1 By using time and motion studies, it is possible to determine how long it takes to perform an activity. This information is P Rag question often used to formulate Select one: O A. Standard material prices O B. standard labor prices. C. standard allowances for materials D. Standard allowances for labor hours. O Question 2 The volume variance is caused by Rakauer on Select one OA. the difference between the activity allowed for the actual output and the total standard fixed overhead assigned t production O B. the difference between the standard fixed overhead rate and the actual fixed overhead rate O C. the difference between total budgeted fixed overhead and total standard fixed overhead assigned to production. O D. the difference between the activity allowed for the actual output and the budgeted activity used in computing the fixed overhead rate Question 3 Materials Variances North Wind manufactures decorative weather vanes that have P Rag question a standard materials cost of two pounds of raw materials at $1.50 per pound. During September 14,000 pounds of raw materials costing $1.58 per pound were used in making 6,800 weather vanes. Determine the materials price and quantity variance Materials price variance Materials quantity variance Question 4 Direct Labor Variances Assume that Nortel manufactures specialty electronic circuitry P Rag question through a unique photoelectronic process. One of the primary products, Model ZX40, has a standard labor time of 0.5 hour and a standard labor rate of $14.50 per hour. During February, the following activities pertaining to direct labor for ZX40 were recorded ts of 2X40 man (a) Determine the labor rate variance. (b) Determine the labor efficiency variance (c) Determine the total flexible budget labor cost variance