Chapter 23 Practice Materials(3)

Chapter 23/Performance Evaluation Using Variances From Standard Costs ? 231

The following data is given for the Walker Company:

Budgeted production 1,000 units Actual production 980 units Materials: Standard price per lb $2.00 Standard pounds per completed unit 12 Actual pounds purchased and used in production 11,800 Actual price paid for materials $23,000 Labor: Standard hourly labor rate $14 per hour Standard hours allowed per completed unit 4.5 Actual labor hours worked 4,560 Actual total labor costs $62,928 Overhead: Actual and budgeted fixed overhead $27,000 Standard variable overhead rate $3.50 per standard labor hour Actual variable overhead costs $15,500 Overhead is applied on standard labor hours.

35. The direct labor rate variance is:

a. 912U b. 912F c. 2,100U d. 2,100F ANS: B DIF: Moderate OBJ: 23-03

NAT: AACSB Analytic | IMA-Performance Measurement

36. The direct labor time variance is:

a. 912F b. 912U c. 2,100U d. 2,100F ANS: C DIF: Moderate OBJ: 23-03

NAT: AACSB Analytic | IMA-Performance Measurement

232 ??Chapter 23/Performance Evaluation Using Variances From Standard Costs

The following data is given for the Walker Company:

Budgeted production 26,000 units Actual production 27,500 units Materials: Standard price per ounce $6.50 Standard ounces per completed unit 8 Actual ounces purchased and used in production 228,000 Actual price paid for materials $1,504,800 Labor: Standard hourly labor rate $22 per hour Standard hours allowed per completed unit 6.6 Actual labor hours worked 183,000 Actual total labor costs $4,020,000 Overhead: Actual and budgeted fixed overhead $1,029,600 Standard variable overhead rate $24.50 per standard labor hour Actual variable overhead costs $4,520,000 Overhead is applied on standard labor hours.

37. The direct labor rate variance is:

a. 6,000U b. 6,000F c. 33,000F d. 33,000U ANS: B DIF: Difficult OBJ: 23-03

NAT: AACSB Analytic | IMA-Performance Measurement

38. The direct labor time variance is:

a. 6,000F b. 6,000U c. 33,000U d. 33,000F ANS: C DIF: Difficult OBJ: 23-03

NAT: AACSB Analytic | IMA-Performance Measurement

The Joyner Corporation had 8,000 actual direct labor hours at an actual rate of $12.20 per hour. Original production had been budgeted for 1,100 units, but only 1,000 units were actually produced. Labor standards were 7.5 hours per completed unit at a standard rate of $13 per hour.

39. Compute the labor rate variance.

a. 6,400U b. 6,400F c. 6,500U d. 6,500U ANS: B DIF: Moderate OBJ: 23-03

NAT: AACSB Analytic | IMA-Performance Measurement

Chapter 23/Performance Evaluation Using Variances From Standard Costs ? 233

40. Compute the labor time variance.

a. 6,400F b. 6,400U c. 6,500U d. 6,500F ANS: C DIF: Moderate OBJ: 23-03

NAT: AACSB Analytic | IMA-Performance Measurement Standard Actual Material Cost Per Yard $2.00 $2.04 Standard Yards per Unit 5 yards 4.75 yards Units of Production 9,450

41. Calculate the Total Direct Materials cost variance using the above information:

a. $2,929.50 Unfavorable b. $2,929.50 Favorable c. $3,780.00 Unfavorable d. $3,562.50 Favorable ANS: B DIF: Easy OBJ: 23-03

NAT: AACSB Analytic | IMA-Performance Measurement

42. Calculate the Total Direct Materials Price variance using the above information:

a. $1,795.50 Favorable b. $378 Favorable

c. $1,795.50 Unfavorable d. $378 Unfavorable ANS: C DIF: Easy OBJ: 23-03

NAT: AACSB Analytic | IMA-Performance Measurement

43. Calculate the Total Direct Materials Quantity variance using the above information:

a. $2,929.50 Unfavorable b. $2,929.50 Favorable c. $4,725 Unfavorable d. $4,725 Favorable ANS: D DIF: Easy OBJ: 23-03

NAT: AACSB Analytic | IMA-Performance Measurement

234 ??Chapter 23/Performance Evaluation Using Variances From Standard Costs

Standard Actual Rate $12.00 $12.25 Hours 18,900 17,955 Units of Production 9,450

44. Calculate the Direct Labor Variance using the above information

a. $6,851.25 Favorable b. $6,851.25 Unfavorable c. $2,362.50 Unfavorable d. $2,362.50 Favorable ANS: A DIF: Easy OBJ: 23-03

NAT: AACSB Analytic | IMA-Performance Measurement

45. Calculate the Direct Labor Time Variance using the above information

a. $2,362.50 Favorable b. $2,362,50 Unfavorable c. $11,340.00 Favorable d. $11,340.00 Unfavorable ANS: C DIF: Easy OBJ: 23-03

NAT: AACSB Analytic | IMA-Performance Measurement

46. Calculate the Direct Labor Rate Variance using the above information

a. $4,488.75 Unfavorable b. $6,851.25 Favorable c. $4,488.75 Favorable d. $6,851.25 Unfavorable ANS: A DIF: Easy OBJ: 23-03

NAT: AACSB Analytic | IMA-Performance Measurement

47. Which of the following is not a reason for a direct materials quantity variance?

a. Malfunctioning equipment

b. Purchasing of inferior raw materials c. Material requiring rework d. Spoilage of materials ANS: C DIF: Difficult OBJ: 23-03

NAT: AACSB Analytic | IMA-Performance Measurement

Chapter 23/Performance Evaluation Using Variances From Standard Costs ? 235

48. The formula to compute direct labor rate variance is to calculate the difference between

a. actual costs + (actual hours * standard rate) b. actual costs - standard cost

c. (actual hours * standard rate) - standard costs d. actual costs - (actual hours * standard rate) ANS: D DIF: Moderate OBJ: 23-03

NAT: AACSB Analytic | IMA-Performance Measurement

49. The formula to compute direct labor time variance is to calculate the difference between

a. actual costs - standard costs b. actual costs + standard costs

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