* Question #8 is based on the following selected financial data.... The COMPANY, had budgeted ... 50,000 units of output using number of 50,000 of raw materials at a total material cost of ... P 100,000.00 The actual output was . 50,000 units of product requiring about.. 45,000 units of raw materials at cost, at.. P 2.10 per unit. 8 The direct materials price variance and usage variance were... Price Variance Usage Variance Price Variance Usage Variance A) P4,500 unFavorable P10,000 Favorable C) P5,000 unFavorable P10,500 Favorable B) P5,000 Favorable P10,500 unFavorable D) P10,000 Favorable P4,500 unFavorable 9 Excess direct labor wages resulting from overtime premium will be disclosed in which type of variance? A) Yield B) Quantity C) Labor efficiency D) Labor rate Question #10 is based on the following selected financial data.. The COMPANY uses standard cost system. Data relating to direct labor for the month is as follows... DLabor efficiency var. (F) P -5,250.00 Actual direct labor rate P 7.50 Standard labor rate P 7.00 Standard hours allowed hrs 9,000 10 What are the actual hours worked for the month? A) 9,750 hours B) 8,400 hours C) 8,300 hours D) 8,250 hours Question #11 is based on the following selected financial data.. The COMPANY's direct labor costs for the month is as follows.. Actual Direct Labor hours hrs 34,500 Total Direct Labor Payroll P 241,500.00 Standard Direct Labor hours hrs 35,000 DL Efficiency Variance - F P -3,200.00 11 What is the COMPANY's direct labor rate variance? A) P17,250 unFavorable B) P20,700 unFavorable C) P21,000 unFavorable D) P21,000 Favorable 12 Under a standard cost system, labor price variances are usually not attributable to.. A) Union contracts approved before budgeting cycle C) Assignments of different skill levels of workers B) Labor rate predictions D) Payment of hourly rates instead of piecework rates13 Under the 2-variance method for analyzing factory overhead, the budget allowance based on standard hours allowed is used in the computation of the ... Controllable Variance Volume Variance Controllable Variance Volume Variance D YES YES NO NO B) YES NO D) NO YES Question #14 is based on the following selected financial data... The following data are presented.. Budgeted Actual Production in units .. units 50,000 units 55,000 Manufacturing Overhead P 750,000.00 P 800,000.00 Sales in units . units NO DATA units 47,000 14 The underapplied or overapplied overhead is... A) P25,000 underApplied B) P25,000 overApplied C) P75,000 overApplied D) P75,000 underApplied Questions #15, 16, 17, 18 and 19 are based on the following selected financial data.... TC manufactures a line of products distributed nationally through wholesaler. TC applies overhead based on planned machine hours using a predetermined annual rate. Presented below are selected manufacturing data for the year. PARTICULARS ANNUAL PLAN NOVEMBER PLAN NOVEMBER ACTUAL Fixed factory overhead 1,200,000.00 100,000.00 101,200.00 Variable factory overhear 2,400,000.00 220,000.00 P 214,000.00 Direct Labor hours hrs 48,000 hrs 4,000 hrs 4,200 Machine hours hrs 240,000 hrs 22,000 hrs 21,600 Direct Labor hours (plan based on output) .. hrs 4,000 Machine hours (plan based on output) hrs 21,000 15 The predetermined factory overhead application rate for TC for the year is ... A) P5.00 B) P25.00 C) P50.00 D) P15.00 16 Total number of factory overhead applied to production for November was... A) P315,200 B) P315,000 C) P300,000 D) P324,00017 Amount of over-or-underapplied variable factory overhead for November was... A) P6,000 overApplied B) P4,000 underApplied C) P20,000 overApplied D) P6,000 underApplied 18 The variable factory overhead spending variance for November was... A) P2,000 favorable B) P6,000 favorable C) P14,000 Unfavorable D) P6,000 Unfavorable 19 The fixed factory overhead volume variance for November was... A) P1,200 Unfavorable B) P5,000 Unfavorable C) P5,000 Favorable D) P1,200 Favorable 20 Which of the following is not an acceptable treatment of factory overhead variances at interim reporting date? A) Apportion the total only among work-in-process and finished goods inventories on hand at the end of the interim reporting period. B) Apportion the total only between that part of the current period's production remaining in inventories at the end of the period and that part sold during the period. C) Carry forward the total to be offset by opposite balances in later periods D) Charge or credit the total to the cost of goods sold during the period