Jordan Company is considering the purchase of a machine with the followingdata Initial cost One-time training cost Annual maintenance costs Annual cost savings Salvage value $150,000 12,000 15.000 75,000 20,000 The cash payback period is a. 2.70 years. b. 2.50 years. c. 2.37 years. d. 2.17 years. Which of the following ignores the time value of money? a. Internal rate of return 2. b. Profitability index Net present value Cash payback C. d. 3. Which of the following is not considered an advantage of using standard costs? Standard costs can reduce clerical costs. a. b. Standard costs can be useful in setting prices for finished goods c. d. Standard costs can be used as a means of finding fault with performance. Standard costs can make employees "cost-conscious." 4. An unfavorable materials quantity variance would occur if more materials were purchased than were used. actual pounds of materials used were less than the standard pounds allowed. a. b. c. actual labor hours used were greater than the standard labor hours allowed. actual pounds of materials used were greater than the standard pounds allowed. d. 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 price (rate) variance is a. $2,400 unfavorable. b. $2,400 favorable c. $3,000 unfavorable. d. $3,000 favorable. 5. A company uses 8,400 pounds of materials and exceeds the standard by 300 pounds. The quantity variance is $1,800 unfavorable. What is the standard price? 6. a. $2 b. $4 c. $6 d. Cannot be determined from the data provided. nde of