Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Q14-Q18 are based on this case: XTi Co. gathered the following actual results for the current month: Actual Units produced 1,200 Direct materials purchased 6,400

Q14-Q18 are based on this case: XTi Co. gathered the following actual results for the current month:

Actual Units produced 1,200

Direct materials purchased 6,400 lbs. @ $11 per lb for $70,400; and used 5,800 lbs.

Direct labor cost (2,150 hours @$22 per hour) $47,300

Manufacturing overhead costs incurred: $19,350 Variable and $9,650 Fixed overhead.

The Static original budgeted production was 1,000 units. The Input standards were:

Std Quantity x Std Price per input =Std Cost per Output U

Direct materials 5 lbs./Output unit x $10/lb.

Direct labor 2 hrs./Output unit x $20/hr.

Variable manufacturing overhead 2 Direct labor hrs x $8 per hr = $16 per unit

Fixed mfg. overhead [Budget $10,000] 2 Direct labor hrs x $5 per hr = $10 per unit

Q14. What is the direct materials quantity variance? ____

A. $4400U B. 2000F C. 6400U D. 5800U E. None of these.

Q15. What is the direct labor efficiency variance? _____

A. $5000F B. 700F C. 4300U D. 2000F E. None of these.

Q16. What is the fixed overhead production volume variance? _____

A. $200F B. 350F C. 200U D. 2000F E. None of these.

Q17. What is the variable overhead controllable variance? _____

A. 2,000F B. $150U C. 2150U D. 4300U E. None of these.

Q18. What is the direct materials price variance? ____

A. $2000F B. 5800U C. 4400U D. 6400 U E. None of these.

Q19. What is the total overhead controllable variance? _____

A. $150U B. 2,000F C. 2200F D. 4300U E. None of these.

Q 20. What is the direct labor rate variance? _____

A. $4,800U B. 4,000U C. 4,300U D. 2,400U E. None of these.

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

Glomont Auditing And Attestation AICPA Released Questions CPA Exam Review 2022

Authors: Glomont, American Institute Of Certified Public Accountants, AICPA

1st Edition

B0BF31GQMC, 979-8353524045

More Books

Students also viewed these Accounting questions