Reference no: EM132743678
The following data apply to Stratford Ltd.
Direct Materials Inventory, beginning of the year$ 5,500
Direct Materials Inventory, end of the year $ 3,000
Direct Materials purchased during the year $45,000
Direct Materials used during the year $47,500
Work in Process Inventory, beginning of the year $ 9,000
Direct Labour costs during the year $10,000
Work in Process Inventory, end of the year $14,000
Problem 1: Calculate the amount of Manufacturing overhead cost incurred during the year:
Select one:
a. $22,000
b. $20,000
c. $18,000
d. $10,000
e. Cannot be determined by the information given
Problem 2: Variances are calculated are similar in which of the following variance
Select one:
a. Labor rate variance and labor efficiency variance
b. None of the other answers are correct
c. Material price variance, material quantity variance, and total material variance
d. Material price variance and labor rate variance
e. Material price variance and labor efficiency variance
Problem 3: Which of the following statements is false? Manufacturing Overhead Costs are:
Select one:
a. None of the other answers are correct
b. Indirect product costs
c. All manufacturing costs other than direct material and direct labour
d. Non-existent in service firms
e. Normally unable to be traced to products
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