61.Standard costs are divided into which of the following components? a.variance standard and quantity standard b.materials standard and labor standard c.quality standard and quantity standard ...

61.Standard costs are divided into which of the following components?

a.variance standard and quantity standard

b.materials standard and labor standard

c.quality standard and quantity standard

d.price standard and quantity standard

62.A favorable cost variance occurs when

a.actual costs are more than standard costs

b.standard costs are more than actual costs

c.standard costs are less than actual costs

d.actual costs are the same as standard costs

63.The total manufacturing cost variance consists of

a.direct materials price variance, direct labor cost variance, and fixed factory overhead volume variance

b.direct materials cost variance, direct labor rate variance, and factory overhead cost variance

c.direct materials cost variance, direct labor cost variance, and variable factory overhead controllable variance

d.direct materials cost variance, direct labor cost variance, and factory overhead cost variance

64.Myers Corporation has the following data related to direct materials costs for November: actual costs for 5,000pounds of material, $4.50? And standard costs for 4,800 pounds of material at $5.10 per pound.

What is the direct materials price variance?

a.$3,000 favorable

b.$3,000 unfavorable

c.$2,880 favorable

d.$2,880 unfavorable

65.The total manufacturing cost variance is

a.the difference between actual costs and standard costs for units produced

b.the flexible budget variance plus the time variance

c.the difference between planned costs and standard costs for units produced

d.none of the answers are correct

66.Jaxson Corporation has the following data related to direct labor costs for September: actual costs are 10,200 hoursat $15.75 per hour and standard costs are 10,800 hours at $15.50 per hour.

What is the direct labor time variance?

a.$9,300 favorable

b.$9,300 unfavorable

c.$9,450 favorable

d.$9,450 unfavorable

67.Myers Corporation has the following data related to direct materials costs for November: actual costs for 5,000pounds of material at $4.50? and standard costs for 4,800 pounds of material at $5.10 per pound.

What is the direct materials quantity variance?

a.$1,020 favorable

b.$1,020 unfavorable

c.$900 favorable

d.$900 unfavorable

68.The following data relate to direct labor costs for August:Actual costs: 5,500 hours at $24.00 per hour.Standard costs: 5,000 hours at $23.70 per hour.

What is the direct labor time variance?

a.$1,650 favorable

b.$1,650 unfavorable

c.$1,500 favorable

d.$1,500 unfavorable

69.Which of the following is
nota reason standard costs are separated into two components?

a.The price and quantity variances need to be identified separately to correct the actual major differences

b.Identifying variances determines which manager must find a solution to major discrepancies

c.If a negative variance is overshadowed by a favorable variance, managers may overlook potentialcorrections

d.Variances bring attention to discrepancies in the budget and require managers to revise budgets closer toactual results

70.The standard costs and actual costs for direct materials for the manufacture of 3,000 actual units of product are

The amount of direct materials price variance is

a.$2,750 unfavorable variance

b.$2,750 favorable variance

c.$1,500 favorable variance

d.$1,500 unfavorable variance