Tommy’s Toys produces two types of toys: trains and dolls. Tommy’s uses stainless steel to manufacture the trains and plastic to manufacture the dolls. Information regarding the usage of steel and plastic for the past year follows:
|Direct materials information|
|Standard pounds per unit||1 lb.||0.5 lb.|
|Standard price per pound||$1.50||?|
|Actual quantity used per unit||1.5 lbs.||0.75 lbs.|
|Actual price paid for material||$1.25||$2.00|
|Actual quantity purchased and used||2,500 lbs.||1,200 lbs.|
|Price variance||?||$900 F|
|Quantity variance||$206 U||?|
|Flexible budgent variance||?||$522 F|
|Number of units produced||275||550|
What is the direct materials flexible budget variance for steel used to manufacture the trains?
A) $419 unfavorable
B) $419 favorable
C) $831 unfavorable
D) $831 favorable
18. The standard cost card for a product shows that the product should use 4 kilograms of material B per finished unit and that the standard price of material B is $4.50 per kilogram. During April, when the budgeted production level was 1,000 units, 1,040 units were actually made. A total of 4,100 kilograms of material B were used in production and the inventories of material B were reduced by 300 kilograms during April. The total cost of material B purchased during April was $14,400. The material variances for material B during April were:
A. Option A
B. Option B
C. Option C
D. Option D
19. The Porter Company has a standard cost system. In July the company purchased and used 22,500 pounds of direct material at an actual cost of $53,000; the materials quantity variance was $1,875 Unfavorable; and the standard quantity of materials allowed for July production was 21,750 pounds. The materials price variance for July was:
A. $2,725 F
B. $2,725 U
C. $3,250 F
D. $3,250 U
20. Cox Company uses standard costing. The following data are available for April:
The standard quantity of material allowed for April production is:
A. 14,200 gallons
B. 12,700 gallons
C. 11,700 gallons
D. 10,200 gallons
21. The Reedy Company uses a standard costing system. The following data are available for November:
The actual direct labor rate for November is:
Answer the following questions using the information below:
Russo Corporation manufactured 16,000 air conditioners during November. The overhead cost-allocation base is $31.50 per machine-hour. The following variable overhead data pertain to November:
Production 16,000 units 18,000 units
Machine-hours 7,875 hours 9,000 hours
Variable overhead cost per machine-hour: $31.00 $31.50
22. What is the variable overhead spending variance?
A) $4,500 unfavorable
B) $3,937.50 unfavorable
C) $4,500 favorable
D) $3,937.50 favorable
23. What is the total variable overhead variance?
A) $7,875 unfavorable
B) $3,937.50 f unfavorable
C) $7,875 favorable
D) $3,937.50 f favorable
24. Dosier Corporation has a standard cost system in which it applies manufacturing overhead to products on the basis of standard machine-hours (MHs). The company has provided the following data for the most recent month:
What was the fixed manufacturing overhead spending variance for the month?
A. $2,000 unfavorable
B. $2,000 favorable
C. $610 unfavorable
D. $610 favorable
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