A company has a standard direct labour cost per hour of USD10.50 and budgeted direct labour hours of 30,000 per month. Last month 28,000 direct labour hours were worked at an actual cost of USD294,500.What was the labour efficiency variance?
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1 .Which one of the following best describes a standard cost?
A The planned unit cost of a product, component or service in a period. B The budgeted cost attributed to the level of activity achieved in a budget centre in a control period. C The budgeted production cost attributed to the level of activity in a budget period. D The budgeted non production cost f...
2 .Which of following may account for a favourable materials variance?
A General inflation B Poorly trained machine operators C Increased exchange rates for imported materials D Scarcity in supply of materials
3 .Which TWO of the following are true for a flexed budget? (1)It allows for comparison of like with like(2)It takes account of the cost behaviour of different items(3)It is continuously updated to reflect actual results(4)It is an original budget changed only for an actual level of activity.
A 1 and 2 B 2 and 3 C 3 and 4 D 1 and 4
4 .For which of the following costs would a profit centre manager be responsible? (1)An interim dividend paid to shareholders(2)Interest on bank borrowings(3)A bonus to the sales team as a percentage of revenue(4)His remuneration
A 1 and 2 only B 2 and 3 only C 3 and 4 only D 1 and 4 only
5 .QB calculates variances on a monthly basis. During the month just ended, the company reported an adverse materials usage variance. Several reasons have been suggested for this:(1)A machine had been set up wrongly, and production was scrapped because it did not meet the design specifications.(2)Production was halted for two days because of a strike.(3)A new supplier was used, and the quality of materials purchased was poor.Which of the reasons suggested could have caused the variance?
A 1 and 2 only B 1 and 3 only C 2 and 3 only D 1, 2 and 3
7 .A manufacturer budgeted to make 100,000 articles in 200,000 hours, but in fact 105,000 articles were made in 204,000 hours.What will be the following fixed overhead variances? Fixed overhead Fixed overheadcapacity variance efficiency variance
A Adverse Adverse B Adverse Favourable C Favourable Adverse D Favourable Favourable
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A 1 and 2 only B 1 and 3 only C 2 and 3 only D 1, 2 and 3
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A USD5,000 adverse B USD5,000 favourable C USD5,250 adverse D USD5,250 adverse
10 .The following diagram represents the behaviour of one element of cost:Which ONE of the following statements is consistent with the above diagram?
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