Question
1. The Most Esteemed Professor Mullen's company developed the following per-unit standards for its product: 2 pounds of direct materials at $4 per pound. Last
1. The Most Esteemed Professor Mullen's company developed the following per-unit standards for its product: 2 pounds of direct materials at $4 per pound. Last month, 1,000 pounds of direct materials were purchased for $3,800. The direct materials price variance for last month was
A) $3,800 Favorable
B) $200 Favorable
C) $100 Favorable
D) $200 Unfavorable
2. Brilliant Professor Mullen Company has a materials price standard of $2.00 per pound. Three thousand pounds of materials were purchased at $2.20 a pound. The actual quantity of materials used was 3,000 pounds, although the standard quantity allowed for the output was 2,700 pounds.
Brilliant Professor Mullen Company's materials price variance is
A) $60 U
B) $600 U
C) $540 U
D) $600 F
3. Genius Professor Mullen Company has a materials price standard of $2.00 per pound. Three thousand pounds of materials were purchased at $2.20 a pound. The actual quantity of materials used was 3,000 pounds, although the standard quantity allowed for the output was 2,700 pounds. Genius Professor Mullen Company's materials quantity variance is
A) $600 U
B) $600 F
C) $660 F
D) $660 U
4. His Excellency Professor Mullen Inc. produces a product requiring 3 direct labor hours at $20.00 per hour. During January, 2,000 products are produced using 6,300 direct labor hours. His Excellency Professor Mullen's actual payroll during January was $122,850. What is the labor quantity variance?
A) $2,850 U
B) $6,000 F
C) $3,150 F
D) $6,000 U
5. A company developed the following per-unit standards for its product: 2 gallons of direct materials at $6 per gallon. Last month, 2,000 gallons of direct materials were purchased for $11,400. The direct materials price variance for last month was
A) $11,400 Favorable
B) $300 Favorable
C) $600 Favorable
D) $600 Unfavorable
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