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Use the following to answer questions 33-37: Cost standards for product no. C77: Direct material 3 pounds at $2.50 per pound $ 7.50 Direct labor

Use the following to answer questions 33-37:

Cost standards for product no. C77:

Direct material

3 pounds at $2.50 per pound

$ 7.50

Direct labor

5 hours at $7.50 per hour

37.50

Actual results:

Units produced

7,800 units

Direct material purchased

26,000 pounds at $2.70

$ 70,200

Direct material used

23,100 pounds at $2.70

62,370

Direct labor

40,100 hours at $7.30

292,730

33. The direct-material quantity variance is:

A. $750F.

B. $750U.

C. $6,500U.

D. $7,250U.

E. none of the above.

Answer: A

34. The direct-material price variance is:

A. $4,620F.

B. $4,620U.

C. $5,200F.

D. $5,200U.

E. none of the above.

Answer: D

35. The direct-labor rate variance is:

A. $7,800F.

B. $7,950F.

C. $8,020F.

D. $8,000U.

E. none of the above.

Answer: C

36. The direct-labor efficiency variance is:

A. $8,000F.

B. $8,000U.

C. $8,250F.

D. $8,250U.

E. none of the above.

Answer: D

37. The standard hours allowed for the work performed are:

A. 5.

B. 5.14.

C. 39,000.

D. 40,100.

E. none of the above.

Answer: C

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