Question:

1. Radical Company produces versascopes. It has a standard wage rate of $9.50 per hour. It has determined that the standard time to assemble one versascope is 2.75 hours. During August, the company's employees assembled 600 versascopes, and they were paid $15,974 for 1,630 hours of work. What is Radical's labor efficiency variance?

   $489 favorable

   $299 favorable

   $271 favorable

   $190 favorable

QUESTION 12

1. Standard Tires' labor standard for the production of one bicycle tire is 4.5 hours at $8.50 per hour. During October, the company's employees produced 140,000 tires, using 610,000 hours at a total cost of $5,328,400. How much is Standard Tire's labor efficiency variance?

QUESTION 13

1. Barnes Company produces men's ties. The following budgeted amounts were provided by management for the current year:

   Category	Standard Inputs	Standard Cost
   Direct materials	1.1 yards per tie	$4.00 per yard
   Direct labor	0.32 hours per tie	$9.00 per hour

   Barnes produced and sold 4,000 ties during 2014. Actual performance for the year is:

   Direct Materials

   Direct Labor

   Yards used in production	4,100	Labor hours incurred	1,240
   Yards purchased	3,900	Actual cost per hour	$9.25
   Actual cost per yard	$3.75

   How much is the labor rate variance?

   $310 unfavorable

   $360 favorable

   $50 favorable

   $1,000 unfavorable

QUESTION 14

1. Barnes Company produces men's ties. The following budgeted amounts were provided by management for the current year:

   Category	Standard Inputs	Standard Cost
   Direct materials	1.1 yards per tie	$4.00 per yard
   Direct labor	0.32 hours per tie	$9.00 per hour

   Barnes produced and sold 4,000 ties during 2014. Actual performance for the year is:

   Direct Materials

   Direct Labor

   Yards used in production	4,100	Labor hours incurred	1,240
   Yards purchased	3,900	Actual cost per hour	$9.25
   Actual cost per yard	$3.75

   How much is the labor efficiency variance?

   $310 unfavorable

   $360 favorable

   $50 favorable

   $1,000 unfavorable

QUESTION 15

1. Capital Leather Company produces leather footballs. The standard cost for each football is: Direct material2 feet of leather at $4.00 per foot Direct labor1.5 hours at $12.00 per hour During February, 1,200 footballs were produced and 2,600 feet of leather were purchased at $4.25 per foot. Production usage was 2,300 feet. Direct labor cost incurred was $20,930 for 1,820 hours. How much is the direct material price variance?

   $650 favorable

   $650 unfavorable

   $575 favorable

   $575 unfavorable

QUESTION 16

1. Capital Leather Company produces leather footballs. The standard cost for each football is: Direct material2 feet of leather at $4.00 per foot Direct labor1.5 hours at $12.00 per hour During February, 1,200 footballs were produced and 2,600 feet of leather were purchased at $4.25 per foot. Production usage was 2,300 feet. Direct labor cost incurred was $20,930 for 1,820 hours. How much is the direct material quantity variance?

QUESTION 17

1. Capital Leather Company produces leather footballs. The standard cost for each football is: Direct material2 feet of leather at $4.00 per foot Direct labor1.5 hours at $12.00 per hour During February, 1,200 footballs were produced and 2,600 feet of leather were purchased at $4.25 per foot. Production usage was 2,300 feet. Direct labor cost incurred was $20,930 for 1,820 hours. How much is the direct labor rate variance?

   $900 favorable

   $900 unfavorable

   $910 favorable

   $910 unfavorable

QUESTION 18

1. Capital Leather Company produces leather footballs. The standard cost for each football is: Direct material2 feet of leather at $4.00 per foot Direct labor1.5 hours at $12.00 per hour During February, 1,200 footballs were produced and 2,600 feet of leather were purchased at $4.25 per foot. Production usage was 2,300 feet. Direct labor cost incurred was $20,930 for 1,820 hours. How much is the direct labor efficiency variance?

   $20 unfavorable

   $240 unfavorable

   $360 unfavorable

   $360 favorable

QUESTION 19

1. Standard Gears produces lawn mower gears. It uses units as the cost driver for overhead. The following information was provided concerning its standard cost system:

   Actual Data

   Budgeted and Standard Data

   Produced	12,400 units
   Materials purchased	4,650 lbs. for a total cost of $32,550
   Materials used	4,700 lbs.
   Labor worked	7,460 hrs. costing $79,822
   Actual overhead	Fixed: $84,800 Variable $36,100

   Budgeted units	12,500 units
   Budgeted materials	0.40 lb. @ $7.10 per lb.
   Budgeted labor	36 minutes @ $11.00 per hour
   Budgeted variable overhead	$35,625
   Budgeted fixed overhead	$85,500

   How much is the standard cost of each lawn mower gear?

   $25.59

   $19.13

   $9.44

   $19.28

QUESTION 20

1. Standard Gears produces lawn mower gears. It uses units as the cost driver for overhead. The following information was provided concerning its standard cost system:

   Actual Data

   Budgeted and Standard Data

   Produced	12,400 units
   Materials purchased	4,650 lbs. for a total cost of $32,550
   Materials used	4,700 lbs.
   Labor worked	7,460 hrs. costing $79,822
   Actual overhead	Fixed: $84,800 Variable $36,100

   Budgeted units	12,500 units
   Budgeted materials	0.40 lb. @ $7.10 per lb.
   Budgeted labor	36 minutes @ $11.00 per hour
   Budgeted variable overhead	$35,625
   Budgeted fixed overhead	$85,500

   How much is the direct material price variance?

   $465 favorable

   $1,846 favorable

   $470 favorable

   $2,201 favorable