18 none of these Which of the following statements is ( are) true? an unfavourable DM quantity variance and an unfavourable DM price variance a. are always accompanied by an unfavourable DM flexible budget variance O b. none of these an unfavourable direct materials variance always results in an unfavourable direct labour efficiency variance ed. an unfavourable direct labor rate variance always results in a favourable labor efficiency variance. A plausible explanation for an unfavourable labor rate variance is imian of a. all of these b. the purchase of cheaper direct materials made it more difficult to handle the uc material so more direct labor hours were used c. there was an oversupply of labor and wage rates went up ere to search 直。 27) er RRFA F5 F7 F10 F11 F12 94 63

18 none of these Which of the following statements is ( are) true? an unfavourable DM quantity variance and an unfavourable DM price variance a. are always accompanied by an unfavourable DM flexible budget variance O b. none of these an unfavourable direct materials variance always results in an unfavourable direct labour efficiency variance ed. an unfavourable direct labor rate variance always results in a favourable labor efficiency variance. A plausible explanation for an unfavourable labor rate variance is imian of a. all of these b. the purchase of cheaper direct materials made it more difficult to handle the uc material so more direct labor hours were used c. there was an oversupply of labor and wage rates went up ere to search 直。 27) er RRFA F5 F7 F10 F11 F12 94 63

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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TaskMaster Enterprises employs a standard cost system in which direct materials inventory is carried at standard cost. TaskMaster has established the following standards for the prime costs of one unit of product. Direct Materials Direct Labor Standard Quantity 8 pounds 0.25 hour Standard Price $ 3.40 per pound $ 11.20 per hour Standard Cost $ 27.20 2.80 $ 30.00 During November, TaskMaster purchased 168,000 pounds of direct materials at a total cost of $588,000. The total factory wages for November were $58,000, 90% of which were for direct labor. TaskMaster manufactured 19,800 units of product during November using 148,500 pounds of direct materials and 5,160 direct labor-hours. Is the direct labor rate variance favorable or unfavorable?
“Our workers are all under labor contracts; therefore, our labor rate variance is bound to be zero.”Discuss.
A revenue variance is favorable if the actual revenue exceeds what the revenue should have been for the actual level of activity of the period. Select one: True False
f
What is a materials price variance? Describe this in your own words. Writing a formula is not a sufficient answer. Provide a real world example that would result in an unfavorable materials price variance
Should both favorable and unfavorable variances be investigated, or only the unfavorable ones? Explain your response. What if a company found that they had a favorable price variance and an unfavorable quantity variance for direct materials. What might be the cause(s) of this pattern of variances?
At the beginning of the year, you estimated the following - Production - 75,000 units Raw Material - 270,000 pounds at a cost of $1,026,000 Direct Labor - 187,500 hours at a cost of $4,125,000 Variable Overhead - 135,000 machine hours at a cost of $567,000 Fixed Overhead - $900,000 At the end of year, the actual results were as follows - Production - 73,000 units Raw Material - 265,720 pounds purchased and used at a cost of $1,036,308 Direct Labor - 179,580 hours at a cost of $3,968,718 Variable Overhead - 133,590 machine hours at a cost of $558,406.20 Fixed Overhead - $891,000
If production is more or less than the standard volume, is it possible that no flexible-budget or production-volume variances would exist? Explain.
At the beginning of the year, you estimated the following - Production - 75,000 units Raw Material - 270,000 pounds at a cost of $1,026,000 Direct Labor - 187,500 hours at a cost of $4,125,000 Variable Overhead - 135,000 machine hours at a cost of $567,000 Fixed Overhead - $900,000 At the end of year, the actual results were as follows - Production - 73,000 units Raw Material - 265,720 pounds purchased and used at a cost of $1,036,308 Direct Labor - 179,580 hours at a cost of $3,968,718 Variable Overhead - 133,590 machine hours at a cost of $558,406.20 Fixed Overhead - $891,000
What is a materials quantity variance? Describe this in your own words. Writing a formula is not a sufficient answer. Provide a real world example that would result in an unfavorable materials quantity variance
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