The standard cost card contains quantities and costs for

MULTIPLE CHOICE

1. The standard cost card contains quantities and costs for _______. (Points : 1)

2. A total variance is best defined as the difference between total _______. (Points : 1)

3. The term standard hours allowed measures _______. (Points : 1)

4. Which of the following factors should not be considered when deciding whether to investigate a variance? (Points : 1)

5. A company wishing to isolate variances at the point closest to the point of responsibility will determine its material price variance when ______. (Points : 1)

6. The standard predominantly used in Western cultures for motivational purposes is a(n) ____ standard. (Points : 1)

7. Gallagher Corporation. incurred 2,300 direct labor hours to produce 600 units of product. Each unit should take 4 direct labor hours. Gallagher Corporation applies variable overhead to production on a direct labor hour basis. The variable overhead efficiency variance _______. (Points : 1)

8. A variable overhead spending variance is caused by ________. (Points : 1)

9. McCoy Company has the following information available for October when 3,500 units were produced (round answers to the nearest dollar).
Standards:
Material 3.5 pounds per unit @ $4.50 per pound
Labor 5.0 hours per unit @ $10.25 per hour

Actual:
Material purchased 12,300 pounds @ $4.25
Material used 11,750 pounds
17,300 direct labor hours @ $10.20 per hour

What is the labor rate variance? (Points : 1)

10. McCoy Company has the following information available for October when 3,500 units were produced (round answers to the nearest dollar).
Standards:
Material 3.5 pounds per unit @ $4.50 per pound
Labor 5.0 hours per unit @ $10.25 per hour

Actual:
Material purchased 12,300 pounds @ $4.25
Material used 11,750 pounds
17,300 direct labor hours @ $10.20 per hour

What is the labor efficiency variance? (Points : 1)

11. Joint costs are useful for _______. (Points : 1)

12. Each of the following is a method to allocate joint costs except _______. (Points : 1)

13. When allocating joint process cost based on tons of output, all products will _______. (Points : 1)

14. Scrap is defined as a _______. (Points : 1)

15. Waste created by a production process is _______. (Points : 1)

16. In a lumber mill, which of the following would most likely be considered a primary product? (Points : 1)

17. Fisher Company produces three products from a joint process. The products can be sold at split-off or processed further. In deciding whether to sell at split-off or process further, management should _______. (Points : 1)

18. The split-off point is the point at which _______. (Points : 1)

19. A product may be processed beyond the split-off point if management believes that _______. (Points : 1)

20. Which of the following is a commonly used joint cost allocation method? (Points : 1)

Click here for the solution: The standard cost card contains quantities and costs for

Some of the information found on a detail inventory card for Slatkin Inc. for the first month of operations is as follows

P8-5 (Compute FIFO, LIFO, and Average Cost) Some of the information found on a detail inventory card for Slatkin Inc. for the first month of operations is as follows.

Instructions
(a) From these data compute the ending inventory on each of the following bases. Assume that perpetual inventory records are kept in units only. Carry unit costs to the nearest cent and ending inventory to the nearest dollar.
1. First-in, first-out (FIFO).
2. Last-in, first-out (LIFO).
3. Average cost.
(b) If the perpetual inventory record is kept in dollars, and costs are computed at the time of each withdrawal, would the amounts shown as ending inventory in 1, 2, and 3 above be the same? Explain and compute.

Click here for the solution: Some of the information found on a detail inventory card for Slatkin Inc. for the first month of operations is as follows