Managerial accounting

Managerial Accounting 5th edition Chapter 11

Name/Identification No. ____ Homework No. 4 (Wk5)

Points:______________ Date: 11/16/2010

Selection:

1. b 6. c
2. b7. c
3. c 8. d
4. c 9. a
5. A 10. d

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 ofmaterials at a total cost of $6,045. ToolTime's total variance is
a. $150 F.
b. $45 U.
c. $155 U.
d. $200 U.

2. ToolTime has a standard of 1.5 pounds of materials per unit, at $2 per pound. Inproducing 2,000 units, ToolTime used 3,100 pounds of materials at a total cost of $6,045. ToolTime's materials price variance is
a. $45 U.
b. $155 F.
c. $200 F.
d. $350 F.

3. ToolTime has astandard 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. $200 U.
d. $350 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. $1,155 U.
b. $1,200 U.
c. $1,555 F.
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. $1,155 U.
b. $1,200 U.
c. $1,555 F.
d. $2,895 F.

6. ToolTime has a standard of 2 hours oflabor 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. $2,700 F.d. $2,895 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...