For multiple-choice and true/false questions, simply press or click on what you think is the correct answer. For fill-in-the-blank questions, press or click on the blank space provided.
If you have difficulty answering the following questions, learn more about this topic by reading our Standard Costing (Explanation).
Materials
Work-in-Process
Finished Goods
Administrative Expense
Direct Materials
Manufacturing Overhead
True
False
Efficiency
Rate
Spending
Efficiency
Price
Usage
Direct Materials
Work-in-Process
Finished Goods
Budget
Efficiency
Volume
Efficiency
Spending
Actual MH X Actual Variable Manufacturing Overhead Rate
Actual MH X Standard Variable Manufacturing Overhead Rate
Standard MH X Standard Variable Manufacturing Overhead Rate
$21
$30
$31
$51
Use the following information in answering Questions 17 – 18:
During a recent accounting period a company produced 1,000 units of Item Q and 400 units of Item R. The standard direct labor is 4 hours for each unit of Item Q and 6 hours for each unit of Item R. The standard cost for one hour of direct labor is $20 per hour. The actual direct labor for the accounting period was 6,500 hours at $19 per hour.
$1,900 Favorable
$1,900 Unfavorable
$2,000 Favorable
$6,400 Favorable
$6,400 Unfavorable
$6,500 Unfavorable
Use the following information in answering Questions 19-20:
The direct materials price variance for the recent accounting period is $8,000 unfavorable. The direct material associated with this variance had a standard cost of $200,000. At the end of the accounting year, the standard cost of the direct material is residing in the following:
$0
$800
$2,000
$4,000
$8,000
$0
$800
$2,000
$4,000
$8,000
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