Reference no: EM132579523
Question 1: Given the following performance report, determine the total amount of variance and if it is favorable or unfavorable. Actual costs: Maintenance is $50,000; Power is $80,000; and Indirect Labor is $10,000. Budgeted costs: Maintenance is $45,000; Power is 81,000; and Indirect Labor is $8,000.
a. 6,000 U
b. 6,000 F
c. 12,000 U
d. 12,000 F
Product costs include each of the following EXCEPT:
a. Direct labor
b. Direct materials
c. Manufacturing Overhead
d. Selling & Administrative Expenses
Question 2: A period costs would include
a. Selling expense
b. Indirect Labor
c. Indirect Materials
d. Direct labor
Question 3: ABC Company has cost of goods manufactured of $300,000, beginning finished goods inventory of $50,000 and ending finished goods inventory of $40,000. How much is cost of goods sold?
a. $290,000
b. $300,000
c. $90,000
d. $310,000
Question 4: Given the following information, what would be the total prime costs? Direct Materials = $50; Direct Labor = $40; Overhead = $10
a. $50
b. $90
c. $40
d. $100
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