Evaluate the tooltimes total variance

Assignment Help Managerial Accounting

Reference no: EM1390292

Assignation Individual (T5)

AI 4 (Variance Analysis)

1.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 pounds of materials at a total cost of $6,045. ToolTime's total variance is

a. $150 F b. $200 U c. $155 U d. $45 U

2. 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 pounds of materials at a total cost of $6,045. ToolTime's materials price variance is

a. $155 F b. $45 U c. $200 F d. $350 F

3. 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 pounds of materials at a total cost of $6,045. ToolTime's materials quantity variance is

a. $45 F b. $155 U c. $350 U d. $200 U

4. ToolTime has a standard of 2 hours of labor per unit, at $18 per hour. In producing 2,000 units, ToolTime used 3,850 hours of labor at a total cost of $70,445. ToolTime's total labor variance is

a. $1,555 F b. $1,200 U c. $1,155 U d. $2,895 F

5. ToolTime has a standard of 2 hours of labor per unit, at $18 per hour. In producing 2,000 units, ToolTime used 3,850 hours of labor at a total cost of $70,455. ToolTime's labor price variance is

a. $2,895 F b. $1,200 U c. $1,555 F d. $1,155 U

6. ToolTime has a standard of 2 hours of labor per unit, at $18 per hour. In producing 2,000 units, ToolTime used 3,850 hours of labor at a total cost of $70,455. ToolTime's labor quantity variance is

a. $1,155 U b. $1,555 F c. $2,895 F d. $2,700 F

7. The predetermined overhead rate for Weed-B-Gone is $10, comprised of a variable overhead rate of $6 and a fixed rate of $4. The amount of budgeted overhead costs at normal capacity of $300,000 was divided by normal capacity of 30,000 direct labor hours, to arrive at the predetermined overhead rate of $10. Actual overhead for June was $19,000 variable and $12,100 fixed, and standard hours allowed for the product produced in June was 3,000 hours. The total overhead variance is

a. $1,100 U b. $1,100 F c. $6,100 F d. $6,100 U

8. The predetermined overhead rate for Weed-B-Gone is $10, comprised of a variable overhead rate of $6 and a fixed rate of $4. The amount of budgeted overhead costs at normal capacity of $300,000 was divided by normal capacity of 30,000 direct labor hours, to arrive at the predetermined overhead rate of $10. Actual overhead for June was $17,800 variable and $10,800 fixed, and 1,500 units were produced. The direct labor standard is 2 hours per unit produced. The total overhead variance is

a. $3,600 F b. $1,400 U c. $1,400 F d. $3,600 U

9. Sonic Corporation's variance report for the purchasing department reports 500 units of material A purchased and 1,200 units of material B purchased. It also reports standard prices of $2 for Material A and $3 for Material B. Actual prices reported are $2.10 for Material A and $2.80 for Material B. Sonic should report a total price variance of

a. $190 U b. $20 F c. $20 U d. $190 F

10. The following information was taken from the annual manufacturing overhead cost budget of Coen Company.

Variable manufacturing overhead costs $69,300

Fixed manufacturing overhead costs $41,580

Normal production level in labor hours 23,100

Normal production level in units 5,775

Standard labor hours per unit 4

During the year, 5,600 units were produced, 18,340 hours were worked, and the actual manufacturing overhead was $113,400. Actual fixed manufacturing overhead costs equaled budgeted fixed manufacturing overhead costs. Overhead is applied on the basis of direct labor hours. Coen's total overhead variance is

a. $1,260 U. b. $4,620 U. c. $16,800 U. d. $5,880 U.

Reference no: EM1390292

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