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34. Queen Company has standard variable costs as follows:

Materials, 3 pounds at P 4.00 per pound P 12.00

Labor, 2 hours at P 10.00 per hour P 20.00

Variable overhead, P 7.50 per labor hour P 15.00

During September, Queen produced 6,000 units using 11,560 labor hours at a total wage of P 113,870 and incurring

P88,600 in variable overhead. What is variable overhead efficiency variance?

a. P 4,400 U c. P 1,900 U

b. P 3,300 F d. P 1,400 F

35. Bee Company uses a standard cost system in which it applies manufacturing overhead to units of product on the basis

of direct labor hours. The information below pertains to a recent month's activity:

Denominator (normal) activity 300 hours

Actual activity 350 hours

Standard hours allowed for output 360 hours

Predetermined overhead rate (P 2 variable + P 3 fixed) P 5 per hour

What would be the volume variance?

a. P 300 favorable c. P 150 favorable

b. P 180 favorable d. P 120 favorable

36. One way of analyzing the variable factory overhead variance is breaking it down into

a. Spending and efficiency variances c. Efficiency and volume variances

b. Spending and rate variances d. Spending and capacity variances

37. One way of analyzing the fixed factory overhead variance is breaking it down into

a. Spending and volume variances c. Efficiency and volume variances

b. Spending and budget variances d. Efficiency and capacity variances

38. What is the factory overhead variance that serves as a measure of capacity utilization?

a. The overhead spending variance c. The overhead budget variance

b. The overhead efficiency variance d. The overhead volume variance

39. Maggot Company has total budgeted fixed overhead costs of P 64,000. Actual production was 15,000 units; normal

capacity is 16,000 units. What was the volume variance?

a. P 4,000 favorable c. P 4,267 unfavorable

b. P 4,267 favorable d. P 4,000 unfavorable

40. An unfavorable volume variance signifies that

a. Cost control was poor

b. Sales were less than budgeted

c. Production was less than sales

d. Production was less than the level used to set the fixed overhead application rate

41. Mosquito has budgeted fixed overhead of P 150,000. Actual production of 39,000 units resulted in a P 6,000 favorable

volume variance. What normal capacity was used to compute fixed overhead rate?

a. 33,000 c. 40,560

b. 37,500 d. Undetermined due to lack of information

42. The production volume variance is due to

a. Inefficient or efficient use of direct labor hours

b. Efficient or inefficient use of variable overhead

c. Difference from planned level of the base used for overhead allocation and actual level achieved

d. Excessive application of direct labor hours over the standard amounts for output level actually achieved

Items 43 to 48 are based on the following information:

Dee Company produces a single product. The standard cost card for the product follows:

Direct materials (4 yards @ P 5 per yard) P 20

Direct labor (1.5 hours @ P 10 per hour) P 15

Variable manufacturing overhead (1.5 hours @ P 4 per hour) P 6

During a recent period, the company produced 1,200 units of product. Various costs associated with the production of these

units are given below:

Direct materials purchased (6,000 yards) P 28,500

Direct materials used in production 5,000 yards

Direct labor cost incurred (2,100 hours) P 17,850

Variable manufacturing overhead cost incurred P 10,080

The company records all variances at the earliest possible point in time. Variable manufacturing overhead costs are applied

to products on the basis of direct labor hours.

43. What is the materials price variance for the period?

a. P 1,250 favorable c. P 1,250 unfavorable

b. P 1,500 favorable d. P 1,500 unfavorable

44. What is the materials quantity variance for the period?

a. P 950 unfavorable c. P 5,000 favorable

b. P 1,000 unfavorable d. P 5,000 favorable

45. What is the labor rate variance for the period?

a. P 2,700 favorable c. P 3,150 favorable

b. P 2,700 unfavorable d. P 3,150 unfavorable

46. What is the labor efficiency variance for the period?

a. P 3,000 unfavorable c. P 2,550 unfavorable

b. P 3,000 favorable d. P 2,550 favorable

47. What is the variable overhead spending variance for the period?

a. P 1,440 favorable c. P 1,680 favorable

b. P 1,440 unfavorable d. P 1,680 unfavorable