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Bizhelp
Bizhelp, CPA
Category: Homework
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Experience:  Bachelors Degree and CPA with Accounting work experience
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I have a timed assignment 16 questions that I need answered.

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I have a timed assignment 16 questions that I need answered. I have a timed assignment 16 questions that I need answered. I have three hours to complete. Are you available to do thistoday?
Submitted: 2 years ago.
Category: Homework
Expert:  Bizhelp replied 2 years ago.
Hi,

Thanks for requesting me.

I know this post is the same as another one you opened.. But I am assuming you meant to open two threads for two sets of questions. Please let me know if not.

I am available today. What is the subject/course? What type of questions are these? Multiple choice or problems? When do you wish to start?
Customer: replied 2 years ago.

Flexible Budgets and Performance Analysis

Standard Costs and Operating Performance Measures

16 multiple choice questions and I can start anytime. I can send them to you in two sets. Anytime you are ready.

Expert:  Bizhelp replied 2 years ago.
Hi,

OK, I am ready now if you are. :)
Customer: replied 2 years ago.

Here are the first 8 questions

 

1. The management of International Cookwares believes that delivery performance measures must be improved if the company is to maintain its competitive edge. The following data are considered to be typical of the time to complete orders.

Process time 4.0 days

Wait time before the start of production 15.0 days

Move time 3.0 days

Inspection time 2.0 days

Wait time during the production process 8.0 days

 

The manufacturing cycle efficiency is closest to: (Points : 5)

 

23.6%.

12.5%.

87.5%.

76.4%.

 

2.

The Whitfield Co. uses a standard costing system and has established the following standards:

 

Direct materials: 4 pounds at $8.00 per pound

Direct labor: 1 hour at $16.00 per hour

 

During July, Whitfield produced 6,000 units of its product and incurred the following actual costs:

 

Direct materials: 25,200 pounds purchased and used at $8.20 per pound

Direct labor: 5,600 hours worked at $15.30 per hour

 

What was the labor efficiency variance for July? (Points : 5)

$ 6,120 favorable

$ 6,400 favorable

$10,320 favorable

$89,600 favorable

 

3.

The Whitfield Co. uses a standard costing system and has established the following standards:

 

Direct materials: 4 pounds at $8.00 per pound

Direct labor: 1 hour at $16.00 per hour

 

During July, Whitfield produced 6,000 units of its product and incurred the following actual costs:

 

Direct materials: 25,200 pounds purchased and used at $8.20 per pound

Direct labor: 5,600 hours worked at $15.30 per hour

 

What was the labor rate variance for July? (Points : 5)

$3,920 unfavorable

$1,120 unfavorable

$1,120 favorable

$3,920 favorable

 

4. A direct labor efficiency variance is least likely to be caused by: (Points : 5)

an out-of-date labor time standard.

producing fewer finished units than originally planned.

using new, inexperienced employees.

using poorer quality raw materials than originally planned.

 

5. Indicate which of the following statements about flexible budgeting is true? (Points : 5)

When using a flexible budget, as production increases within the relevant range, fixed costs per unit will increase.

A company that compares actual results to a static budget will have fewer budget variances than if it compares actual results to a flexible budget.

When a flexible budget is used for manufacturing costs, an increase in the production level within the relevant range will not change variable costs per unit.

The main difference between a flexible budget and a static budget is that a flexible budget does not contain fixed costs.

 

6.

The Koski Company has established standards as follows:

 

Direct material: 3 lbs. @ $4/lb. = $12 per unit

Direct labor: 2 hrs. @ $8/hr. = $16 per unit

 

Actual production figures for the past year were as follows:

 

Units produced: 500

Direct material used: 1,600 lbs.

Direct material purchased (3,000 lbs.): $12,300

Direct labor cost (950 hrs.): $7,790

 

The materials quantity variance is: (Points : 5)

$410 favorable

$410 unfavorable

$400 favorable

$400 unfavorable

 

7.

The Koski Company has established standards as follows:

 

Direct material: 3 lbs. @ $4/lb. = $12 per unit

Direct labor: 2 hrs. @ $8/hr. = $16 per unit

 

Actual production figures for the past year were as follows:

 

Units produced: 500

Direct material used: 1,600 lbs.

Direct material purchased (3,000 lbs.): $12,300

Direct labor cost (950 hrs.): $7,790

 

The materials price variance is:

 

(Points : 5)

$6,300 unfavorable

$ 150 unfavorable

$ 160 unfavorable

$ 300 unfavorable

 

8. Based on a flexible budget for 5,000 machine hours of activity a company budgeted $25,000 for variable manufacturing overhead and $10,000 for fixed manufacturing overhead. If the company prepared a budget for 10,000 machine hours, how much total overhead would be budgeted? (Points : 5)

$60,000

$70,000

$45,000

$50,000

Expert:  Bizhelp replied 2 years ago.
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Bizhelp, CPA
Category: Homework
Satisfied Customers: 5777
Experience: Bachelors Degree and CPA with Accounting work experience
Bizhelp and 4 other Homework Specialists are ready to help you
Customer: replied 2 years ago.
Thank you.

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