Question
Timothy Company employs standard costing. The standards and actual operating data for the month are as follows: Standards Direct materials 3.0 pounds per unit @
Timothy Company employs standard costing. The standards and actual operating data for the month are as follows:
| Standards | |
| Direct materials | 3.0 pounds per unit @ $4.50 per pound |
| Direct labor | 5.0 hours per unit @ $10.25 per hour |
| Standard quantity allowed | 10,500 pounds |
| Standard hours allowed | 17,500 hours |
| Actual | |
| Direct materials purchased | 11,000 pounds @ $4.25 per pound |
| Direct materials used | 10,700 pounds |
| Direct labor | 17,300 hours @ $10.20 per hour |
The overall direct materials variance is:
| A. | none of these | |
| B. | $1,775 F | |
| C. | $1,775 UF | |
| D. | $500 UF | |
| E. | $500 F |
The materials quantity variance is:
| A. | none of these | |
| B. | $900 F | |
| C. | $2,250 F | |
| D. | $900 UF | |
| E. | $2,250 UF |
The direct materials price variance is:
| A. | $2,675 F | |
| B. | $2,750 F | |
| C. | $2,750 UF | |
| D. | $2,675 UF | |
| E. | none of these |
The labor efficiency variance is:
| A. | $2,050 F | |
| B. | $2050 UF | |
| C. | $2,040 F | |
| D. | $2,040 UF | |
| E. | none of these |
The overall direct labor variance is:
| A. | $2,915 F | |
| B. | $2,915 UF | |
| C. | none of these | |
| D. | $1,175 UF | |
| E. | $1,175 F |
The labor rate variance is:
| A. | $875 F | |
| B. | $875 UF | |
| C. | $865 UF | |
| D. | $865 F | |
| E. | none of these | |
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Remote Auditing A Quick And Easy Guide For Management System Auditors
Authors: Denise Robitaille
1st Edition
1932828311, 978-1932828313
