A company uses 40000 gallons of materials for which it paid

Reference no: EM13574844

1.Vernon Company incurred direct materials costs of $500,000 during the year. Manufacturing overhead applied was $90,000 and is applied at the rate of 60% of direct labor costs. Vernon Company's total manufacturing costs for the year was

$644,000

$590,000

$740,000

2.Cost of goods manufactured equals $44,000 for 2008. Finished goods inventory is $2,000 at the beginning of the year and $5,500 at the end of the year. Beginning and ending work in process for 2008 are $4,000 and $5,000, respectively. How much is cost of goods sold for the year?

$46,500

$42,000

$40,500

$47,500

3.Which of the following statements is true?

Variances are the differences between total actual costs and total standard costs.

When actual costs exceed standard costs, the variance is favorable.

An unfavorable variance results when actual costs are decreasing but standards are not changed.

All of the above are true.

4.A company uses 40,000 gallons of materials for which it paid $9.00 a gallon. The materials price variance was $80,000 favorable. What is the standard price per gallon?

$2.00

$7.00

$10.00

$11.00

$944,000

Reference no: EM13574844

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