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Question;141.;Luanna Inc. manufactures;game consoles. Some of the company's data was misplaced. Use the following;information to replace the lost data.;The amount D;is;A.;\$26,920.;B.;\$33,720.;C.;\$35,620.;D.;\$42,450.;142. Joe;Malay received the following report on the Division's operation for the month;of August: Direct labor rate variance = \$25,000 unfavorable. Direct labor;efficiency variance = \$70,000 (?) The standard calls for 3 direct labor hours;per unit of output at \$28 per labor hour. The standard direct labor hours for;the units manufactured is 20 percent more than the total direct labor hours;actually worked in August. What were the total standard hours allowed for the;units manufactured in August?;A.;10,000.;B.;12,000.;C.;12,500.;D.;15,000.;E.;15,625.;143. Joe;Malay received the following report on the Division's operation for the month;of August;Direct labor rate;variance = \$25,000 unfavorable. Direct labor efficiency variance = \$70,000 (?);The standard calls for 3 direct labor hours per unit of output at \$28 per labor;hour. The standard direct labor hours for the units manufactured is 20 percent more;than the total direct labor hours actually worked in August. What was the;average direct labor hourly rate the Division paid in August?;A.;\$24.00.;B.;\$26.00.;C.;\$28.00.;D.;\$30.00.;E.;\$31.25.;144.;Joe Malay received the following report;on the Division's operation for the month of August;Direct labor rate;variance = \$25,000 unfavorable. Direct labor efficiency variance = \$70,000 (?);The standard calls for 3 direct labor hours per unit of output at \$28 per labor;hour. The standard direct labor hours for the units manufactured is 20 percent more;than the total direct labor hours actually worked in August. How many units of;the product were produced in August?;A.;4,000.;B.;4,250.;C.;4,500.;D.;4,750.;E.;5,000.;145. Machine;Builders Inc. adopted a standard cost system several years ago that it uses in;conjunction with its process cost system. The per-unit standard costs for;direct materials and direct labor for its single product are as follows;Materials: (4 kilograms x \$10.00 per kilogram) \$40.00/unit. Labor: (4 hours x;\$18.00 per hour) \$72.00/unit. All materials are issued at the beginning of;processing. The operating data shown below were taken from the records for;July;The actual;direct materials purchase price per kilogram in July was;A.;\$8.80.;B.;\$9.90.;C.;\$10.00.;D.;\$10.10.;E.;\$11.80.;146. Machine;Builders Inc. adopted a standard cost system several years ago that it uses in;conjunction with its process cost system. The per-unit standard costs for;direct materials and direct labor for its single product are as follows;Materials: 4 kilograms/unit x \$10.00 per kilogram = \$40.00/unit, labor: 4;hours/unit x \$18.00 per hour = \$72.00/unit. All materials are issued at the;beginning of processing. The operating data shown below were taken from the;records for July;The actual total;cost of direct materials used in production during July was;A.;\$282,150.;B.;\$287,850.;C.;\$297,000.;D.;\$300,000.;E.;\$303,000.;147. Machine;Builders Inc. adopted a standard cost system several years ago that it uses in;conjunction with its process cost system. The per-unit standard costs for;direct materials and direct labor for its single product are as follows;materials: 4 kilograms/unit x \$10.00 per kilogram = \$40.00/unit, labor: 4;hours/unit x \$18.00 per hour = \$72.00/unit. All materials are issued at the;beginning of processing. The operating data shown below were taken from the;records for July;The direct materials;usage variance for July was;A.;\$3,000 favorable.;B.;\$43,000 favorable.;C.;\$12,000 unfavorable.;D.;\$15,000 unfavorable.;148. Machine;Builders Inc. adopted a standard cost system several years ago that it uses in;conjunction with its process cost system. The per-unit standard costs for;direct materials and direct labor for its single product are as follows;Materials: 4 kilograms/unit x \$10.00 per kilogram = \$40.00/unit, labor: 4;hours/unit x \$18.00 per hour = \$72.00/unit. All materials are issued at the;beginning of processing. The operating data shown below were taken from the;records for July;The direct labor;rate variance for July is;A.;\$6,600 favorable.;B.;\$16,600 favorable.;C.;\$21,000 unfavorable.;D.;\$57,600 unfavorable.;E.;\$58,200 unfavorable.;149. Machine;Builders Inc. adopted a standard cost system several years ago that it uses in;conjunction with its process cost system. The per-unit standard costs for;direct materials and direct labor for its single product are as follows;Materials: 4 kilograms/unit x \$10.00 per kilogram = \$40.00/unit, labor: (4;hours x \$18.00 per hour) \$72.00/unit. All materials are issued at the beginning;of processing. The operating data shown below were taken from the records for;July;The direct labor;efficiency variance for July was;A.;\$6,600 favorable.;B.;\$7,200 unfavorable.;C.;\$8,000 unfavorable.;D.;\$14,400 favorable.;E.;\$79,200 favorable.;150. Machine;Builders Inc. adopted a standard cost system several years ago that it uses in;conjunction with its process cost system. The per-unit standard costs for;direct materials and direct labor for its single product are as follows;Materials: 4 kilograms/unit x \$10.00 per kilogram) \$40.00/unit, labor: 4;hours/unit x \$18.00 per hour = \$72.00/unit. All materials are issued at the;beginning of processing. The operating data shown below were taken from the;records for July;The direct labor;flexible-budget variance for July was;A.;\$6,600 unfavorable.;B.;\$7,200 unfavorable.;C.;\$51,000 favorable.;D.;\$58,200 favorable.;E.;\$65,400 favorable.;151.Machine;Builders Inc. adopted a standard cost system several years ago that it uses in;conjunction with its process cost system. The per-unit standard costs for;direct materials and direct labor for its single product are as follows;All;materials are issued at the beginning of processing. The operating data shown;below were taken from the records for July;The sales volume;variance, measured in terms of direct labor cost, for July was;A.;\$6,600 favorable.;B.;\$7,200 favorable.;C.;\$51,000 unfavorable.;D.;\$57,600 unfavorable.;E.;\$72,000 unfavorable.;152. Landlubber;Company has established a standard direct material cost of 1.5 gallons @ \$2 per;gallon for one unit of its product. During the past month, actual production of;this product was 6,500 units. The direct materials usage (efficiency) variance;was \$700 (favorable) and the materials price variance (calculated at point of;production) was \$470 (unfavorable). The entry to charge Work in Process;Inventory for the standard material costs during the month and to record the;direct material variances in the accounts would include all the following;except;A.;A debit to Work in Process Inventory for;\$19,500.;B.;A debit to Direct;Materials Inventory for \$18,800.;C.;A debit to Direct;Materials Price Variance for \$470.;D.;A credit to Direct;Material Usage Variance for \$700.;E.;A credit to Work in;Process Inventory for \$18,800.;153. What;four variances may be included as a component of the total variable cost;flexible-budget variance for a given period?;154. What;is a direct materials usage ratio? For what purpose is this ratio used?;155. What;is a direct labor efficiency variance, and what are some of the likely causes;of this variance?;156. Rachael;Hair Products shows the following budgeted and actual data for the first;quarter of the current fiscal year;Required;(a) What type of financial control system might the company use to determine;whether the company met its short-termfinancial objectives?;(b);For the first quarter of;the year, what was the total master (static) budget variance?;(c);In general, into what;two component variances can the master (static) budget variance be decomposed?;What is the meaning of each of these two variances?;(d);Comment specifically on;the financial performance of this company during the 1st;quarter.;(e);What are the primary;limitations of traditional financial-control models?;157.Ann;Jacobson's supervisor has asked her to list any concerns she might have about;the proposed development of standards to measure performance and to reward;superior performance in her department. Ann's department handles customer;calls, directing customer;questions and complaints to the;appropriate persons within the firm. The company has never before used any;performance measure nor paid any performance-related bonuses. It hopes to;install a simple but effective system to achieve its twin goals of cost control;and performance measurement. Develop the list for Ann based on the information;above.;158. Within;the context of the material covered in Chapter 14, define the term;sales-volume variance." List some common causes of the sales-volume;variance.;159. Discuss;some major differences between static and flexible budgets.;160. Klash;Company adopted a standard cost system several years ago. The company uses;standard costs for all of its inventories. The standard costs for direct;materials and labor for its single product are as follows: Materials (12;kilograms/unit x \$7.00 per kilogram) = \$84.00/unit, direct labor (8 hours/unit;x \$12.00 per hour) = \$96.00/unit. All materials are issued at the beginning of;processing. The operating data shown below were taken from the records for;December;Note: number of;kilograms issued to production during the period = number of kilograms;purchased.;Required;(A) Calculate the standard cost of the actual kilograms of material purchased.;(B);Calculate the total;standard kilograms for the production of the period (that is, for;equivalent units produced with respect to direct materials");(C);Calculate the total;standard cost of materials for the production of the period.;(D);Calculate the actual;price per kilogram of material of material purchased this period.;(E);Calculate the direct;labor rate variance.

Paper#45076 | Written in 18-Jul-2015

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