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WorksheetsQUIZ 3 : TOPIC 10 [Standard Costing & Variance Analysis]
Total questions: 20
Worksheet time: 31mins
Given that:
Variable Overhead Expenditure Variance = 960F
Variable Overhead Efficiency Variance = 600F
Fixed Overhead Budget Variance = 2,100F
Fixed Overhead Volume Variance = 2,600UF,
What would be the amount of variable overhead variance and fixed overhead variance?
Variable overhead variance 1,560F; Fixed overhead variance 500UF
Variable overhead variance 1,560F; Fixed overhead variance 4,700UF
Variable overhead variance 600F; Fixed overhead variance 2,100F
Variable overhead variance 1,650F; Fixed overhead variance 5000UF
Given that:
Variable Overhead Expenditure Variance = 960F
Variable Overhead Efficiency Variance = 600F
Fixed Overhead Budget Variance = 2,100F
Fixed Overhead Volume Variance = 2,600UF,
How much manufacturing overhead is under/over-applied?
RM1,060 Under-applied
RM1,060 Over-applied
RM360 Under-applied
RM360 Over-applied
Determine the material price variance?
RM2,425 Favorable
RM2,425 Unfavorable
RM196,425 Favorable
RM195,425 Unfavorable
Determine the material usage variance?
RM46,075 Favorable
RM46,075 Unfavorable
RM11,500 Favorable
RM11,500 Unfavorable
How much is the actual hours worked?
4,200
4,800
3,600
How much is the actual price?
RM2
RM6
RM2.10
How much is the standard price?
RM2
RM6
RM2.10
Determine the material price variance.
RM2,500 Favorable
RM2,500 Unfavorable
RM2,400 Favorable
RM2,400 Unfavorable
Determine the material usage variance.
RM2,000 Favorable
RM2,000 Unfavorable
RM2,400 Favorable
RM2,400 Unfavorable
Determine the labour rate variance.
RM8,500 Favorable
RM8,500 Unfavorable
RM68,000 Favorable
RM68,000 Unfavorable
Determine the labour efficiency variance.
RM3,000 Favorable
RM3,000 Unfavorable
RM6,000 Favorable
RM6,000 Unfavorable
An unfavorable labour efficiency variance indicates that
the actual labour rate was higher than the standard labour rate per direct labour hours
overtime labour was utilised during this period
the actual direct labour hours exceeded standard direct labour hours for the production
the total labour variable must be unfavourable
The materials price variance may be computed by
(Actual price - Standard price) X Actual quantity
(Actual price - Standard price) X Standard quantity
(Actual quantity - Standard quantity) X Actual price
(Actual quantity - Standard quantity) X Standard price
The labour rate variance may be computed by
(Actual rate - Standard hours) X Actual hours
(Actual hours - Standard hours) X Standard price
(Actual hours - Standard rate) X Actual hours
(Actual rate - Standard rate) x Acutal hours worked hours
An unfavorable materials quantity variance may be the result of
a greater than anticipated waste in the manufacturing process
an increase in the cost per unit of raw materials
a decrease in the cost per unit of raw materials
a lower than anticipated waste in the manufacturing process
The following information relates to product A:
Quantity / Unit Price Cost Per Unit
Material (3kg @ RM23) RM69
Labour (2 hours@RM20) RM40
Budgeted production is 1,000 units.
Actual production is 900 units.
Actual inputs were as follows:
Material 2,650 kg @ RM66,250
Labour 1840 hours @ RM34,960
The material price variance is:
RM5,300 F
RM4,150 F
RM5,300 UF
RM4,150 UF
Quantity / Unit Price Cost Per Unit
Material (3kg @RM23) RM69
Labour (2 hours@RM20) RM40
Budgeted production is 1,000 units.
Actual production is 900 units.
Actual inputs were as follows:
Material 2,650 kg @ RM66,250
Labour 1840 hours @ RM34,960
Compute Material Usage Variance
RM1,250 F
RM1,150 F
RM1,250 UF
RM1,150 UF
Quantity / Unit Price Cost Per Unit
Material (3kg @ RM23) RM69
Labour (2 hours @ RM20) RM40
Budgeted production is 1,000 units.
Actual production is 900 units.
Actual inputs were as follows:
Material 2,650 kg @ RM66,250
Labour 1840 hours @ RM34,960
Compute the labour rate variance is:
RM1,040 UF
RM1,840 F
RM1,040 F
RM1,840 UF
Quantity / Unit Price Cost Per Unit
Material (3kg @ RM23) RM69
Labour (2 hours @ RM20) RM40
Budgeted production is 1,000 units.
Actual production is 900 units.
Actual inputs were as follows:
Material 2,650 kg @ RM66,250
Labour 1840 hours @ RM34,960
Compute the labour usage variance is:
RM800 F
RM800 UF
RM760 UF
RM760 F
During July actual labour costs amounted to RM19,800, the standard rate was RM4.50 per hour and the labour rate variance amounted to RM225 unfavorable. The actual hours worked were:
4,000
4,350
4,400
4,450
