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Exam 10: Standard Costs and Overhead Analysis

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Question 1

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What was the total predetermined overhead rate,rounded to the nearest cent?

A) $21.16.
B) $21.26.
C) $21.80.
D) $21.90.

E) A) and B)
F) C) and D)

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Question 2

Multiple Choice

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What was the amount of fixed manufacturing overhead cost applied to work in process during May?

A) $42,750.
B) $61,725.
C) $62,700.
D) $64,125.

E) None of the above
F) A) and D)

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Question 3

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Standard costs should generally be based on the actual costs of prior periods.

The following labour standards have been established for a particular product: The following data pertain to operations concerning the product for the last month: What was the labour efficiency variance for the month?

What was the variable overhead efficiency variance for the month?

(Appendix 10B) Drake Company purchased materials on account.The entry to record the purchase of materials having a standard cost of $1.50 per kilogram from a supplier at $1.60 per kilogram would include which of the following?

Wattis Manufacturing has established the following master flexible budget: Manufacturing overhead is applied on the basis of machine hours.At standard,each unit of product requires one machine hour to complete. Required: a)The denominator activity level is 150,000 units.What are the predetermined variable and fixed manufacturing overhead rates? b)Actual data for the year were as follows:

Which of the following statements is NOT correct?

Flick Company uses a standard cost system.Manufacturing overhead is applied to units of product on the basis of direct labour hours.The company's total budgeted variable and fixed manufacturing overhead costs at the denominator level of activity are $20,000 for variable overhead and $30,000 for fixed overhead.The predetermined overhead rate,including both fixed and variable components,is $2.50 per direct labour hour.The standards call for two direct labour hours per unit of output produced.Last year,the company produced 11,500 units of product and worked 22,000 direct labour hours.Actual costs were $22,500 for variable overhead and $31,000 for fixed overhead. Required: a)What is the denominator level of activity? b)What were the standard hours allowed for the output last year? c)What was the variable overhead spending variance? d)What was the variable overhead efficiency variance? e)What was the fixed overhead budget variance? f)What was the fixed overhead volume variance?

If the actual labour hours worked exceed the standard labour hours allowed,what type of variance will occur?

What was the fixed overhead volume variance for the period,rounded to the nearest dollar?

For March,what was the fixed overhead volume variance?

Standard costs can be used in conjunction with job-order costing but NOT with process costing.

(Appendix 10C)A favourable sales volume variance for a single-product firm necessarily implies a favourable market share variance.

(Appendix 10C) What were the sales volume variances for Model X and Model Y,respectively,for last year?

The following standards for variable manufacturing overhead have been established for a company that makes only one product: The following data pertain to operations for the last month: What was the variable overhead efficiency variance for the month?

What was the total variance for variable overhead for January?

Which one of the following variances is MOST controllable by a production supervisor?

The economic impact of the inability to reach a target denominator level of activity would best be measured by which of the following?

What was the materials quantity variance for the month?