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

Answer rating: 100% (QA)

1 B 200 Favor... View the full answer