ACC week 6 questions

    Quiz
    1.
    The Litton Company has established
    standards as follows:

    Direct material: 3 pounds per unit @ $4 per pound = $12 per unit
    Direct labor: 2 hours per unit @ $8 per hour = $16 per unit
    Variable manufacturing overhead: 2 hours per unit @ $5 per hour = $10 per unit

    Actual production figures for the past year are given below. The company
    records the materials price variance when materials are purchased.
    .0/msohtmlclip1/01/clip_image001.png”>
    The company applies variable manufacturing overhead to
    products on the basis of standard direct labor-hours.

    The materials price variance is:

    $400 U

    $400 F

    $600 F

    $600 U

    2.

    The Litton Company has established
    standards as follows:

    Direct material: 3 pounds per unit @ $4 per pound = $12 per unit
    Direct labor: 2 hours per unit @ $8 per hour = $16 per unit
    Variable manufacturing overhead: 2 hours per unit @ $5 per hour = $10 per unit

    Actual production figures for the past year are given below. The company
    records the materials price variance when materials
    .0/msohtmlclip1/01/clip_image001.png” alt=”Description: c:usersbharr_000appdatalocalmicrosoftwindowsinetcachecontent.word1.png”>
    The company applies variable manufacturing overhead to
    products on the basis of standard direct labor-hours.

    The variable overhead rate variance is:

    $240 U

    $220 U

    $220 F

    $240 F

    3. The following labor standards have
    been established for a particular product:.0/msohtmlclip1/01/clip_image002.png”>
    The following data pertain to
    operations concerning the product for the last month:.0/msohtmlclip1/01/clip_image003.png”>
    Required:

    a. What is the labor rate variance for the month?
    b. What is the labor efficiency variance for the month?4

    4
    The Litton Company has established standards as follows:

    Direct material: 3 pounds per unit @ $4 per pound = $12 per unit
    Direct labor: 2 hours per unit @ $8 per hour = $16 per unit
    Variable manufacturing overhead: 2 hours per unit @ $5 per hour = $10 per unit

    Actual production figures for the past year are given below. The company
    records the materials price variance when materials are purchased.

    .0/msohtmlclip1/01/clip_image001.png”>
    The company applies variable manufacturing overhead to
    products on the basis of standard direct labor-hours.

    The labor rate variance is:

    $480 F

    $480 U

    $440 F

    $440 U

    5 The Porter
    Company has a standard cost system. In July the company purchased and used
    22,500 pounds of direct material at an actual cost of $53,000; the materials
    quantity variance was $1,875 Unfavorable; and the standard quantity of
    materials allowed for July production was 21,750 pounds. The materials price
    variance for July was:

    $2,725 F

    $2,725 U

    $3,250 F

    $3,250 U

    6 Karmazyn Hospital bases its budgets
    on patient-visits. The hospital’s static budget for October appears below.0/msohtmlclip1/01/clip_image004.png”>
    The total variable cost at the activity level of 9,000
    patient-visits per month should be:

    $157,530

    $209,700

    $207,370

    $159,300

    7 Farver Air uses two measures of
    activity, flights and passengers, in the cost formulas in its flexible
    budgets. The cost formula for plane operating costs is $44,420 per month plus
    $2,008 per flight plus $1 per passenger. The company expected its activity in
    May to be 80 flights and 281 passengers, but the actual activity was 81
    flights and 277 passengers. The actual cost for plane operating costs in May
    was $199,650. The spending variance for plane operating costs in May would be
    closest to:

    $5,691 F

    $7,695 U

    $7,695 F

    $5,691 U

    8The Litton Company has
    established standards as follows:

    Direct material: 3 pounds per unit @ $4 per pound = $12 per unit
    Direct labor: 2 hours per unit @ $8 per hour = $16 per unit
    Variable manufacturing overhead: 2 hours per unit @ $5 per hour = $10 per
    unit

    Actual production figures for the past year are given below. The company
    records the materials price variance when materials are purchased..0/msohtmlclip1/01/clip_image001.png”>

    The company applies variable manufacturing overhead to
    products on the basis of standard direct labor-hours.

    The materials quantity variance is:

    $800 U

    $4,000 U

    $760 U

    $760 F

    9The following standards for
    variable manufacturing overhead have been established for a company that
    makes only one product:.0/msohtmlclip1/01/clip_image005.png”>

    The following data pertrain to operations last month.0/msohtmlclip1/01/clip_image006.png”>
    What is the variable overhead efficiency variance for the
    month?

    $9,219 U

    $10,179 U

    $9,867 U

    $648 U

    2 points
    Question 10
    The Litton Company has established standards as follows:

    Direct material: 3 pounds per unit @ $4 per pound = $12 per unit
    Direct labor: 2 hours per unit @ $8 per hour = $16 per unit
    Variable manufacturing overhead: 2 hours per unit @ $5 per hour = $10 per unit

    Actual production figures for the past year are given below. The company
    records the materials price variance when materials are purchased. .0/msohtmlclip1/01/clip_image001.png” alt=”Description: c:usersbharr_000appdatalocalmicrosoftwindowsinetcachecontent.word1.png”>
    The company applies variable manufacturing overhead to
    products on the basis of standard direct labor-hours.

    The labor efficiency variance is:

    $800 F

    $800 U

    $840 F

    $840 U

    Question 11
    Lotson Corporation bases its
    budgets on machine-hours. The company’s static planning budget for May
    appears below:
    .0/msohtmlclip1/01/clip_image007.png”>

    Actual results for the month were:.0/msohtmlclip1/01/clip_image008.png”>
    The spending variance for power
    costs for the month should be:

    $1,550 F

    $4,160 F

    $1,550 U

    $4,160 U

    2 points
    Question 12
    The following labor standards have
    been established for a particular product:
    Standard labor hours per unit of
    output 4.0 hours
    Standard labor rate 12.30 hour
    The following data pertain to
    operations concerning the product for the last month
    Actual hours worked 7100 hours
    Actual total labor cost $89,105
    Actual output 1,500 units
    What is the labor efficiency
    variance for the month?

    $13,805 U

    $13,530 U

    $15,305 U

    $15,305 F

    2 points
    Question 13
    Edington Clinic uses client-visits as its measure of activity.
    During September, the clinic budgeted for 2,800 client-visits, but its actual
    level of activity was 2,850 client-visits. The clinic has provided the
    following data concerning the formulas to be used in its budgeting for
    September:
    .0/msohtmlclip1/01/clip_image009.png”>
    The personnel expenses in the planning budget for September would be
    closest to:

    $62,946

    $67,040

    $66,420

    $64,070

    2 points
    Question 14
    Lotson Corporation bases its
    budgets on machine-hours. The company’s static planning budget for May
    appears below:
    .0/msohtmlclip1/01/clip_image007.png”>
    Actual results for the month
    .0/msohtmlclip1/01/clip_image008.png”>
    The spending variance for supplies
    costs for the month should be:

    $600 U

    $600 F

    $270 F

    $270 U

    2 points
    Question 15
    Lotson Corporation bases its
    budgets on machine-hours. The company’s static planning budget for May
    appears below
    .0/msohtmlclip1/01/clip_image007.png”>
    Actual results for the month

    .0/msohtmlclip1/01/clip_image008.png”>

    The spending variance for equipment depreciation for the month should
    be:

    $320 F

    $3,310 U

    $320 U

    $3,310 F

    2 points
    Question 16
    The Litton Company has established
    standards as follows:

    Direct material: 3 pounds per unit @ $4 per pound = $12 per unit
    Direct labor: 2 hours per unit @ $8 per hour = $16 per unit
    Variable manufacturing overhead: 2 hours per unit @ $5 per hour = $10 per
    unit

    Actual production figures for the past year are given below. The company
    records the materials price variance when materials are purchased.
    .0/msohtmlclip1/01/clip_image001.png”>
    The company applies variable manufacturing
    overhead to products on the basis of standard direct labor-hours.

    The variable overhead efficiency variance is:

    $520 F

    $520 U

    $500 U

    $500 F

    2 points
    Question 17
    Karmazyn Hospital bases its budgets
    on patient-visits. The hospital’s static budget for October appears below:

    .0/msohtmlclip1/01/clip_image004.png”>The total cost at the activity level of
    9,200 patient-visits per month should be:

    $364,900

    $377,200

    $370,770

    $370,210

    2 points
    Question 18
    Celius Midwifery’s cost formula for
    its wages and salaries is $2,410 per month plus $292 per birth. For the month
    of March, the company planned for activity of 113 births, but the actual
    level of activity was 116 births. The actual wages and salaries for the month
    was $35,340. The spending variance for wages and salaries in March would be
    closest to:

    $942 F

    $66 F

    $66 U

    $942 U

    19
    Gradert Framing’s cost formula
    for its supplies cost is $1,540 per month plus $12 per frame. For the month
    of September, the company planned for activity of 668 frames, but the
    actual level of activity was 666 frames. The actual supplies cost for the
    month was $9,980. The supplies cost in the planning budget for September
    would be closest to:

    $10,010

    $9,532

    $9,556

    $9,980

    Please put

    Please put the following on the provided excel sheet
    The planning budget for march was based on producing and
    selling 25000 units However during march the company actually produced and
    sold 30,000 units and incurred the following cost.
    a.
    Purched 160,000 pounds of raw materials at a
    coust of $7.50 per pound. All of this material was used n production.
    b.
    Direct- laborers worked 55,000 hours at a
    rate of $15.00 per hour
    c.
    Total variable manufacturing
    overhead for the month was $280,500
    d.
    Total advertising, sales, salaries
    and commission, and shipping expensed were $210,000, $455,000, and $115,000
    respectively.
    1.
    What raw materials cost would be
    included in the companys flexile budget for march?
    2.
    What is the material quantity
    variance for March?
    3.
    What is the materials price
    variance for March
    4.
    If Preble has purchased 170,00
    pounds of materials at $7.50 per pound and used 160,000 in production, what
    would be the materials quantity variance for March?
    5.
    If Preble has purchased 170,00
    pounds of materials at $7.50 per pound and used 160,000 in production, what
    would be the materials price variance for March?
    6.
    What direct labor cost would be the
    materials price variance for March?
    7.
    What is the direct labor efficiency
    variance for March?
    8.
    What is the direct labor rate
    variance for March?
    9.
    What variable manufacturing
    overhead cost would be included in the companys flexible budget for March
    10. What is the
    variable overhead efficiency variance for March?
    11. What is the
    variable overhead rate variance for March?
    12. What amounts of
    advertising, sales salaries and commissions, and shipping expensed would be
    included in the companys flexible budget for March?
    13. What is the
    spending variance related to advertising?
    14. What is the
    spending variance related to sales salaries and commissions?
    15. What is the
    spending variance related to shipping expenses?

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