Efficiency Variance Assignment

38) Which of the following is the correct formula for measuring an efficiency variance? A) Efficiency Variance – (Actual Quantity B) Efficiency Variance Standard Quantity) – Standard Cost (Actual Quantity Efficiency Variance – (Actual Quantity – Standard Quantity) Standard Cost Standard Quantity) / Standard Cost D) Efficiency Variance – (Actual Quantity Standard Quantity) Standard Cost 39) Seaworthy Designs manufactures special metallic materials and decorative fittings for luxury yachts that require highly skilled labor. Seaworthy us standard costs to prepare its flexible budget. For the first quarter of the year, direct materials and direct labor standards for one of their popular products were as follows: TE 57 Direct materials: 4 pounds per unit: 56 per pound Direct labor: 4 hours per unit: \$17 per hour During the first quarter, Seaworthy produced 4000 units of this product. Actual direct materials and direct labor costs were \$66,000 and \$328,000, respectively. For the purpose of preparing the flexible budget, what is the total standard direct labor cost at a production volume of 4000 units? A) \$272,000 B) \$68,000 C) \$66,000 D) \$328,000 40) 40) Oceanside Marine Company manufactures special metallic materials and decorative fittings for luxury yachts that require highly skilled labor. Oceanside uses standard costs to prepare its flexible budget. For the first quarter of the year, direct materials and direct labor standards for one of their popular products were as follows: Direct materials: 2 pounds per unit: \$12 per pound Direct labor: 2 hours per unit: \$16 per hour Oceanside produced 3000 units during the quarter. At the end of the quarter, an examination of the direct materials records showed that the company used 6500 pounds of direct materials and actual total materials costs were \$99,600 What is the direct materials cost variance? (Round any intermediate calculations to the nearest cent. and your final answer to the nearest dollar.) A\$21,600 Unfavorable B) \$9960 Unfavorable C) 59960 Favorable D) \$21,600 Favorable 41) 41) Allen Boating Company manufactures special metallic materials and decorative fittings for luxury yachts that require highly skilled labor.

Allen uses standard costs to prepare its flexible budget. For the first quarter of the year, direct materials and direct labor standards for one of their popular products were as follows: Direct materials: 1 pound per unit: \$11 per pound Direct labor: 4 hours per unit: \$19 per hour Allen produced 4000 units during the quarter. At the end of the quarter, an examination of the direct materials records showed that the company used 7500 pounds of direct materials and actual total materials costs were \$99,300. What is the direct materials efficiency variance? A) \$44,000 U B) \$38,500 F C) \$44,000 F \$38.500 U 12) Home Decor Company manufactures special metallic materials for luxury homes that require highly Skilled labor, Home Decor uses standard costs to prepare its flexible budget. For the first quarter of year, direct materials and direct labor standards for one of their popular products were as follow Direct materials: 2 pounds per unit: 53 per pound Direct labor: 4 hours per unit: \$14 per hour Home Decor produced 5000 units during the quarter. At the end of the quarter, an examination or Tabor costs records showed that the company used 30.000 direct labor hours and actualtolar Tabor costs were \$375,000. What is the direct labor cost variance? Round any intermediate calculations to the nearest cent, and your final answer to the nearest dolu A) \$280,000 Favorable C) 45,000 Unfavorable B 545,000 Favorable D) \$280,000 Unfavorable 43) 43) Benson Company manufactures special metallic materials for luxury homes that require highly skilled labor. Benson uses standard costs to prepare its flexible budget. For the first quarter of the year, direct materials and direct labor standards for one of their popular products were as follows: Direct materials: 2 pounds per unit: 53 per pound Direct labor: 5 hours per unit: \$16 per hour Benson produced 4000 units during the quarter. At the end of the quarter, an examination of the labor costs records showed that the company used 25,000 direct labor hours and actual total direct labor costs were \$250,000. What is the direct labor efficiency variance? (A) \$80,000 U B) \$70,000 F C) \$80,000 F D) \$70,000 U 44) 44) Stafford Company uses standard costs for its manufacturing division. Standards specify 0.1 direct Tabor hours per unit of product. The allocation base for variable overhead costs is direct labor hours. At the beginning of the year, the static budget for variable overhead costs included the following data: Production volume Budgeted variable overhead costs Budgeted direct labor hours 6100 units \$13,500 1610 hours At the end of the year, actual data were as follows: Production volume Actual variable overhead costs Actual direct labor hours 4100 units \$15,200 505 hours How much is the standard cost per direct labor hour for variable overhead? (Round your answer to the nearest cent.) A) \$24.92 per direct labor hour B) \$26.73 per direct labor hour C) \$22.13 per direct labor hour D) \$32.93 per direct labor hour. .

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