QUESTION 1 The difference between the actual fixed manufacturing overhead cost
QUESTION 1The difference between the actual fixed manufacturing overhead cost and the budgeted fixedmanufacturing overhead cost is thefixed overhead spending variance. fixed overhead volume variance. fixed overhead rate variance.fixed overhead efficiency variance. 10 pointsQUESTION 2XYZ Co. has a material standard of 2 pounds per unit of output. Each pound has a standard price of $12per pound. During February, XYZ Co. paid $57,220 for 4,840 pounds, which were used to produce 2,400units. What is the direct materials price variance?$1,420 favorable $860 favorable $1,420 unfavorable$860 unfavorable10 pointsQUESTION 3Standard cost systems depend on which two types of standards?A. Rate and Price B. Quantity and PriceC. Quantity and EfficiencyD. Rate and Spending10 pointsQUESTION 4Albertville has a direct labor standard of 2 hours per unit of output. Each employee has a standard wagerate of $22.50 per hour. During July, Albertville paid $189,500 to employees for 8,890 hours worked.4,700 units were produced during July. What is the direct labor rate variance? $11,475 favorable$22,000 favorable $10,525 unfavorable$10,525 favorable10 pointsQUESTION 5A spending variance is made up of volume variance and quantity variance.price variance and volume variance.price variance and rate variance. price variance and quantity variance. 10 pointsQUESTION 6XYZ Corp prepared a master budget that included $17,800 for direct materials, $28,000 for direct labor,$15,000 for variable overhead, and $38,700 for fixed overhead. Wadjase Corp planned to sell 4,000 unitsduring the period, but actually sold 4,300 units.How much would direct labor cost be on a flexible budget for the period based on actual sales? A. $30,100B. $12,040C. $26,047D. $28,00010 pointsQUESTION 7W Co. has a material standard of 2 pounds per unit of output. Each pound has a standard price of $12per pound. During February, W Co. paid $57,220 for 4,840 pounds, which were used to produce 2,400units. What is the direct materials quantity variance?$480 favorable $1,420 unfavorable $9,980 favorable $9,120 favorable10 pointsQUESTION 8 Pulam, Inc. prepared the following master budget items for July.Budgeted Production and Sales 30,000 units Variable Manufacturing Costs:Direct Materials $45,000 Direct Labor $60,000 Variable OverheadFixed Overhead $75,000$100,000 Total Manufacturing Costs $280,000 During July, Pulam actually sold 24,000 units. Prepare a flexible budget for Pulam based on actual sales.Be sure to show total flexible budgeted costs for direct materials, direct labor, variable overhead, fixedcosts and total costs just like the original budget. Path: pWords:010 pointsQUESTION 9 Evaluate the following question and give a hypothetical example that will back up your answer.When evaluating variances, is it best for managers and others to consider only one variance at a time?If so why, if not why not? Path: pWords:010 pointsQUESTION 10A master budget is an example of aA. static budgetB. flexible budgetC. volume varianceD. standard cost card
