11. The principle ofexceptions allows managers to focus on correcting variancesbetween

1. standard costs and actual costs
2. variable costs and actual costs
3. competitor’s costs and actual costs
4. competitor’s costs and standard costs

12. Myers Corporationhas the following data related to direct materials costs forNovember: actual costs for 5,000 pounds of material at $4.50? andstandard costs for 4,800 pounds of material at $5.10 per pound.

What is the directmaterials quantity variance?

a.$1,020favorable

b.$1,020unfavorable

c. $900 favorable

d.$900unfavorable

13. The standardcosts and actual costs for direct labor in the manufacture of 2,500units of product are as follows:

StandardCosts
Direct labor	7,500 hours @ $11.80
ActualCosts
Direct labor	7,400 hours @ $11.40

The direct labor timevariance is

a. $1,180favorable

b. $1,140unfavorable

c.$1,180 unfavorable

d.$1,140 favorable

The following datarelate to direct materials costs for February:

Materials cost peryard: standard, $2.00? actual, $2.10

Standard yards perunit: standard, 4.5 yards; actual, 4.75 yards

Units of production:9,500

14. Calculate thetotal direct materials cost variance.

a. $9,262.50unfavorable

b. $9,262.50favorable

c. $3,780.00unfavorable

d. $3,562.50favorable

15. The formula tocompute the direct materials price variance is to calculate thedifference between

a. Actual costs –(Actual quantity × Standard price)

b. Actual cost +Standard costs

c. Actual cost –Standard costs

d. (Actual quantity ×Standard price) – Standard costs

Answer rating: 100% (QA)

QUESTION 11 The principle of exceptions allows managers to focus on correcting variances between A Standard costs and actual costs Variance analysis i... View the full answer