71. The following company information is available: Direct materials used for production 712 pounds Standard quantity for units produced 750 pounds Standard cost per pound of...

71. The following company information is available:

The direct materials quantity variance is:
A. $1,824 favorable
B. $1,424 favorable
C. $400 favorable
D. $1,824 unfavorable
E. $1,424 unfavorable

Reference: 21_03

Bradford Company budgeted 4,000 pounds of material costing $5 per pound to produce 2,000 units. The company actually used 4,500 pounds that cost $5.10 per pound to produce 2,000 units.

72. What is the direct materials quantity variance?
A. $400 unfavorable
B. $450 unfavorable
C. $2,500 unfavorable
D. $2,550 unfavorable
E. $2,950 unfavorable

73. What is the direct materials price variance?
A. $400 unfavorable
B. $450 unfavorable
C. $2,500 unfavorable
D. $2,550 unfavorable
E. $2,950 unfavorable

Reference: 21_04

A company has established 5 pounds of Material M at $2 per pound as the standard for the material in its Product A. The company has just produced 1,000 units of this product, using 5,200 pounds of Material M that cost $9,880.

74. The direct materials quantity variance is:
A. $400 unfavorable
B. $120 favorable
C. $400 favorable
D. $520 favorable
E. $520 unfavorable

75. The direct materials price variance is:
A. $520 unfavorable
B. $400 unfavorable
C. $120 favorable
D. $520 favorable
E. $400 favorable

Reference: 21_05

A job was budgeted to require three hours of labor per unit at $8 per hour. The job consisted of 8,000 units and was completed in 22,000 hours at a total labor cost of $198,000.

76. What is the total labor cost variance?
A. $22,000 unfavorable

B. $16,000 unfavorable

C. $6,000 unfavorable

D. $16,000 favorable
E. $22,000 favorable

77. What is the labor rate variance?
A. $22,000 unfavorable

B. $16,000 unfavorable

C. $6,000 unfavorable

D. $16,000 favorable
E. $22,000 favorable

78. What is the total labor efficiency variance?
A. $22,000 unfavorable

B. $16,000 unfavorable

C. $6,000 unfavorable

D. $16,000 favorable
E. $22,000 favorable

79. The entry to record the labor costs and variances would include a:

A. debit to Goods in Process for $198,000.

B. credit to Factory Payroll for $192,000.

C. debit to Direct Labor Cost Variance for $6,000.

D. credit to Direct Labor Cost Variance for $6,000.

E. credit to Direct Labor Efficiency Variance for $16,000

80. The standard materials cost to produce one unit of Product M is 6 pounds of material at a standard price of $50 per pound. In manufacturing 8,000 units, 47,000 pounds of material were used at a cost of $51 per pound. What is the total direct material cost variance?
A. $48,000 unfavorable
B. $51,000 favorable
C. $51,000 unfavorable
D. $ 3,000 favorable
E. $ 3,000 unfavorable