7. The total direct labor variance (labor rate variance plus labor efficiency variance) is actually the same as the flexible budget variance for direct labor.

True False

8. The Purchasing Agent in a firm would be most likely to be held responsible for which of the following variances?

none of the above

selling price variance

materials price variance

labor rate variance

variable overhead efficiency

9. If the total actual cost of variable factory overhead for the period as reported by the accounting records is $10,000, and the product of the actual quantity of application basis units used times the standard cost (or application rate) is $8,000, and the product of the standard quantity of application basis units times the standard cost (or application rate) is $7,000, then what is the Total Variable Factory Overhead Variance for the period?

Group of answer choices

$2,000 Unfavorable

$2,000 Favorable

$3,000 Unfavorable

$3,000 Favorable

$1,000 Unfavorable

10. The variance that would be most likely to appear due to an improperly adjusted printing press ruining 25 reams of expensive paper that have a standard cost of $125 per ream would be a

Group of answer choices

labor efficiency variance

materials usage variance

materials price variance

selling price variance

labor rate variance

11. Ox company had planned to sell 8,000 units at a sales price of $3.25 per unit, but ended up selling 7,800 units at a sales price of $3.30 per unit. The sales price variance and the sales volume variance are _____ and _____ respectively.

Group of answer choices

$660; $400

$390; $650

$260; $650

$400; $260

$660; $390

18. This question is part of a multi-part production budget problem that uses the same set of data. Koohobble Company has a current finished goods inventory of 1000 units. The firm produces only one product. Unit sales expected for each quarter of the upcoming year are 6,000 units, 8,000 units, 9,000 units, and 7,500 units respectively for first, second, third, and fourth quarters. The projected unit sales for the first quarter of the following year are 10,000 units. The firm desires to have an ending inventory each quarter equal to 25% of the next quarter's planned or expected sales. The required production for the second quarter in units should be:

Group of answer choices

8250

8000

10,250

none of the above

2250

20. This question is part of a multi-part production budget problem that uses the same set of data. Koohobble Company has a current finished goods inventory of 1000 units. The firm produces only one product. Unit sales expected for each quarter of the upcoming year are 6,000 units, 8,000 units, 9,000 units, and 7,500 units respectively for first, second, third, and fourth quarters. The projected unit sales for the first quarter of the following year are 10,000 units. The firm desires to have an ending inventory each quarter equal to 25% of the next quarter's planned or expected sales. The total required production for the entire upcoming year in units should be:

Group of answer choices

30500

29000

33000

none of the above

32000

21. This question is part of a multi-part production budget problem that uses the same set of data. Koohobble Company has a current finished goods inventory of 1000 units. The firm produces only one product. Unit sales expected for each quarter of the upcoming year are 6,000 units, 8,000 units, 9,000 units, and 7,500 units respectively for first, second, third, and fourth quarters. The projected unit sales for the first quarter of the following year are 10,000 units. The firm desires to have an ending inventory each quarter equal to 25% of the next quarter's planned or expected sales. A column in the production budget showing totals for the entire year would show ending inventory for the year at how many units?

Group of answer choices

1,875

7,125

8,625

none of the above

2,500