Please answer all multiple choice questions and provide explanations please.

le Tools View Document1 - Word 1) Which of the following statements is correct regarding a standard cost? C. actual wages paid are less than amounts that should have been paid. A. It is the "true" cost of a unit of production. D. actual units produced exceed budgeted production levels B. It is a budget for the production of one unit of a product or service. 6) Oslo Corporation recently purchased 25,000 gallons of direct material at $5.60 per gallon. Usage by the end of the period amounted to 23,000 gallons. If the standard cost is $6.00 per gallon the company's direct-material price vari- C. It can be useful in calculating equivalent units. ance would be calculated as D. It is normally the average cost within an industry. A. $9 200F 2) Which of the following describes "management by exception"? B. $9,200U A. It is choosing exceptional managers. C. $10 00OF B. It is controlling actions through acceptance of management techniques. D. $10,00OU C. It is investigating unfavorable variances. 7) Regan Led recently used 20,000 labor hours to produce 8,300 completed units. Each unit is anticipated to take 25 D. It is when management investigates significant variances hours to complete. The company's actual payroll cost amounted to $370,000. If the standard labor cost per hour is $18, what is the company's direct labor rate variance? 3) The calculation of the materials price variance is usually based on the A $10,00OF A number of units purchased. B. $10,00OUT B. number of units spoiled. C. $10 375F G. number of units that should have been used. D. $10,375U D. number of units actually used 8) (Actual price - Prior period price) x actual sales is the formula to calculate 4) Which of the following are needed to calculate the labor rate variance? A efficiency cost variance. A. Standard labor rate and actual hours worked B. variable cost variance. B. Actual hours worked and actual units produced. C. fixed cost variance. C. Standard labor rate, actual labor rate, and actual units produced. D. sales price variance. D. Actual labor rate, standard labor rate, and actual hours worked. 5) A favorable labor efficiency variance is created when: A. actual labor hours worked exceed standard hours. B. Actual hours worked are less than the standard hours