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(solution) Radical Company produces versascopes. It has a standard wage rate


  1. Radical Company produces versascopes. It has a standard wage rate of $9.50 per hour. It has determined that the standard time to assemble one versascope is 2.75 hours. During August, the company?s employees assembled 600 versascopes, and they were paid $15,974 for 1,630 hours of work. What is Radical?s labor efficiency variance?

    $489 favorable

    $299 favorable

    $271 favorable

    $190 favorable



QUESTION 12
  1. Standard Tires? labor standard for the production of one bicycle tire is 4.5 hours at $8.50 per hour. During October, the company?s employees produced 140,000 tires, using 610,000 hours at a total cost of $5,328,400. How much is Standard Tire?s labor efficiency variance?

    $143,400 unfavorable

    $26,600 favorable

    $170,000 favorable

    $313,400 favorable



QUESTION 13
  1. Barnes Company produces men?s ties. The following budgeted amounts were provided by management for the current year: 
     

    Category Standard Inputs Standard Cost
    Direct materials 1.1 yards per tie $4.00 per yard
    Direct labor 0.32 hours per tie $9.00 per hour


    Barnes produced and sold 4,000 ties during 2014. Actual performance for the year is:
    Direct Materials Direct Labor
    Yards used in production 4,100 Labor hours incurred 1,240
    Yards purchased 3,900 Actual cost per hour $9.25
    Actual cost per yard $3.75    


    How much is the labor rate variance?

    $310 unfavorable

    $360 favorable

    $50 favorable

    $1,000 unfavorable

 


QUESTION 14
  1. Barnes Company produces men?s ties. The following budgeted amounts were provided by management for the current year: 
     

    Category Standard Inputs Standard Cost
    Direct materials 1.1 yards per tie $4.00 per yard
    Direct labor 0.32 hours per tie $9.00 per hour


    Barnes produced and sold 4,000 ties during 2014. Actual performance for the year is:
    Direct Materials Direct Labor
    Yards used in production 4,100 Labor hours incurred 1,240
    Yards purchased 3,900 Actual cost per hour $9.25
    Actual cost per yard $3.75    


    How much is the labor efficiency variance?

    $310 unfavorable

    $360 favorable

    $50 favorable

    $1,000 unfavorable



QUESTION 15
  1. Capital Leather Company produces leather footballs. The standard cost for each football is:
     
    Direct material2 feet of leather at $4.00 per foot
    Direct labor1.5 hours at $12.00 per hour
     
    During February, 1,200 footballs were produced and 2,600 feet of leather were purchased at $4.25 per foot. Production usage was 2,300 feet. Direct labor cost incurred was $20,930 for 1,820 hours. How much is the direct material price variance?

    $650 favorable

    $650 unfavorable

    $575 favorable

    $575 unfavorable



QUESTION 16
  1. Capital Leather Company produces leather footballs. The standard cost for each football is:
     
    Direct material2 feet of leather at $4.00 per foot
    Direct labor1.5 hours at $12.00 per hour
     
    During February, 1,200 footballs were produced and 2,600 feet of leather were purchased at $4.25 per foot. Production usage was 2,300 feet. Direct labor cost incurred was $20,930 for 1,820 hours. How much is the direct material quantity variance?

    $100 unfavorable

    $400 favorable

    $800 favorable

    $800 unfavorable



QUESTION 17
  1. Capital Leather Company produces leather footballs. The standard cost for each football is:
     
    Direct material2 feet of leather at $4.00 per foot
    Direct labor1.5 hours at $12.00 per hour
     
    During February, 1,200 footballs were produced and 2,600 feet of leather were purchased at $4.25 per foot. Production usage was 2,300 feet. Direct labor cost incurred was $20,930 for 1,820 hours. How much is the direct labor rate variance?

    $900 favorable

    $900 unfavorable

    $910 favorable

    $910 unfavorable



QUESTION 18
  1. Capital Leather Company produces leather footballs. The standard cost for each football is:
     
    Direct material2 feet of leather at $4.00 per foot
    Direct labor1.5 hours at $12.00 per hour
     
    During February, 1,200 footballs were produced and 2,600 feet of leather were purchased at $4.25 per foot. Production usage was 2,300 feet. Direct labor cost incurred was $20,930 for 1,820 hours. How much is the direct labor efficiency variance?

    $20 unfavorable

    $240 unfavorable

    $360 unfavorable

    $360 favorable

 


QUESTION 19
  1. Standard Gears produces lawn mower gears. It uses units as the cost driver for overhead. The following information was provided concerning its standard cost system:
     

    Actual Data   Budgeted and Standard Data
    Produced 12,400 units
    Materials purchased 4,650 lbs. for a total cost of $32,550
    Materials used 4,700 lbs.
    Labor worked 7,460 hrs. costing $79,822
    Actual overhead Fixed: $84,800 Variable $36,100
     
    Budgeted units 12,500 units
    Budgeted materials 0.40 lb. @ $7.10 per lb.
    Budgeted labor 36 minutes @ $11.00 per hour
    Budgeted variable overhead $35,625
    Budgeted fixed overhead $85,500


    How much is the standard cost of each lawn mower gear?

    $25.59

    $19.13

    $9.44

    $19.28

 


QUESTION 20
  1. Standard Gears produces lawn mower gears. It uses units as the cost driver for overhead. The following information was provided concerning its standard cost system:
     

    Actual Data   Budgeted and Standard Data
    Produced 12,400 units
    Materials purchased 4,650 lbs. for a total cost of $32,550
    Materials used 4,700 lbs.
    Labor worked 7,460 hrs. costing $79,822
    Actual overhead Fixed: $84,800 Variable $36,100
     
    Budgeted units 12,500 units
    Budgeted materials 0.40 lb. @ $7.10 per lb.
    Budgeted labor 36 minutes @ $11.00 per hour
    Budgeted variable overhead $35,625
    Budgeted fixed overhead $85,500


    How much is the direct material price variance?

    $465 favorable

    $1,846 favorable

    $470 favorable

    $2,201 favorable

     


 


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