Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

7.The standard rate of pay is $20 per direct labor hour. If the actual direct labor payroll was $117,600 for 6,000 direct labor hours worked,

7.The standard rate of pay is $20 per direct labor hour. If the actual direct labor payroll was $117,600 for 6,000 direct labor hours worked, the direct labor rate variance is Question 7 options: $3,000 unfavorable. $2,400 favorable. $2,400 unfavorable. $3,000 favorable.

8.A favorable variance Question 8 options: is an indication that the company is not operating in an optimal manner. means that standards are too loosely specified. implies a positive result if quality control standards are met. implies a positive result if standards are flexible.

9.The total materials variance is equal to the Question 9 options: sum of the materials price variance and the materials usage variance. difference between the materials price variance and materials usage variance. product of the materials price variance and the materials usage variance. materials price variance.

10.Casey Company has a materials price standard of $2.10 per pound. Six thousand pounds of materials were purchased at $2.20 a pound. The actual quantity of materials used was 6,000 pounds, although the standard quantity allowed for the output was 5,400 pounds. Casey Company's materials price variance is Question 10 options: $60 U. $600 U $540 U. $600 F

11.The standard quantity allowed for the units produced was 4,500 pounds, the standard price was $2.50 per pound, and the materials usage variance was $475 favorable. Each unit uses 1 pound of materials. How many units were actually produced? Question 11 options: 4,690 4,500 11,725 4,310

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Audit And Assurance Principles And Practices In Singapore

Authors: Dr Ernest Kan

5th Edition

9814838136, 978-9814838139

More Books

Students also viewed these Accounting questions

Question

6. Explain the power of labels.

Answered: 1 week ago

Question

10. Discuss the complexities of language policies.

Answered: 1 week ago