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28 Sep 2019
24. ToolTime has a standard of 1.5 pounds of materials per unit, at$2 per pound. In producing 2,000 units, ToolTime used 3,100 poundsof materials at a total cost of $6,045. ToolTime's materials pricevariance is
A) $45 U.
B) $155 F.
C) $200 F.
D) $350 F.
25. If a company issues raw materials to production at a cost of$12,600 when the standard cost is $12,200, it will
A) debit Materials Price Variance for $400.
B) credit Materials Price Variance for $400.
C) debit Materials Quantity Variance for $400.
D) credit Material Quantity Variance for $400.
26. If a company is concerned with the potential negative effectsof establishing standards, it should
A) set loose standards that are easy to fulfill.
B) offer wage incentives to those meeting standards.
C) not employ any standards.
D) set tight standards in order to motivate people.
27. The overhead volume variance is
A) actual overhead less overhead budgeted for actual hours.
B) actual overhead less overhead budgeted for standard hoursallowed.
C) overhead budgeted for actual hours less applied overhead.
D) the fixed overhead rate times the difference between normalcapacity hours and standard hours allowed.
28. Which of the following statements about overhead variances isfalse?
A) Standard hours allowed are used in calculating the controllablevariance.
B) Standard hours allowed are used in calculating the volumevariance.
C) The controllable variance pertains solely to fixed costs.
D) The total overhead variance pertains to both variable and fixedcosts.
29. The overhead variances measure whether overhead costsAreEffectively Managed Were Used Effectively
A) Controllable Controllable and Volume
B) Controllable Volume
C) Controllable and Volume Controllable
D) Volume Controllable
24. ToolTime has a standard of 1.5 pounds of materials per unit, at$2 per pound. In producing 2,000 units, ToolTime used 3,100 poundsof materials at a total cost of $6,045. ToolTime's materials pricevariance is
A) $45 U.
B) $155 F.
C) $200 F.
D) $350 F.
25. If a company issues raw materials to production at a cost of$12,600 when the standard cost is $12,200, it will
A) debit Materials Price Variance for $400.
B) credit Materials Price Variance for $400.
C) debit Materials Quantity Variance for $400.
D) credit Material Quantity Variance for $400.
26. If a company is concerned with the potential negative effectsof establishing standards, it should
A) set loose standards that are easy to fulfill.
B) offer wage incentives to those meeting standards.
C) not employ any standards.
D) set tight standards in order to motivate people.
27. The overhead volume variance is
A) actual overhead less overhead budgeted for actual hours.
B) actual overhead less overhead budgeted for standard hoursallowed.
C) overhead budgeted for actual hours less applied overhead.
D) the fixed overhead rate times the difference between normalcapacity hours and standard hours allowed.
28. Which of the following statements about overhead variances isfalse?
A) Standard hours allowed are used in calculating the controllablevariance.
B) Standard hours allowed are used in calculating the volumevariance.
C) The controllable variance pertains solely to fixed costs.
D) The total overhead variance pertains to both variable and fixedcosts.
29. The overhead variances measure whether overhead costsAreEffectively Managed Were Used Effectively
A) Controllable Controllable and Volume
B) Controllable Volume
C) Controllable and Volume Controllable
D) Volume Controllable
A) $45 U.
B) $155 F.
C) $200 F.
D) $350 F.
25. If a company issues raw materials to production at a cost of$12,600 when the standard cost is $12,200, it will
A) debit Materials Price Variance for $400.
B) credit Materials Price Variance for $400.
C) debit Materials Quantity Variance for $400.
D) credit Material Quantity Variance for $400.
26. If a company is concerned with the potential negative effectsof establishing standards, it should
A) set loose standards that are easy to fulfill.
B) offer wage incentives to those meeting standards.
C) not employ any standards.
D) set tight standards in order to motivate people.
27. The overhead volume variance is
A) actual overhead less overhead budgeted for actual hours.
B) actual overhead less overhead budgeted for standard hoursallowed.
C) overhead budgeted for actual hours less applied overhead.
D) the fixed overhead rate times the difference between normalcapacity hours and standard hours allowed.
28. Which of the following statements about overhead variances isfalse?
A) Standard hours allowed are used in calculating the controllablevariance.
B) Standard hours allowed are used in calculating the volumevariance.
C) The controllable variance pertains solely to fixed costs.
D) The total overhead variance pertains to both variable and fixedcosts.
29. The overhead variances measure whether overhead costsAreEffectively Managed Were Used Effectively
A) Controllable Controllable and Volume
B) Controllable Volume
C) Controllable and Volume Controllable
D) Volume Controllable
Bunny GreenfelderLv2
28 Sep 2019