The difference between standard hours at standard wage rates and actual hours at standard wage rates is referred to as which of the following types of variances?
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1 .Boyle, Inc. makes two products, X and Y thatrequire allocation of indirect manufacturing costs. The following data wascompiled by the accountant before making any allocations: Product X Product Y Quantity produced 10,000 20,000 Direct manufacturing labor hours 15,000 5,000 Setup hours 500 1,500 The total cost ofsetting up manufacturing processes and equipment is USD400,000. The companyuses a job-costing system with a single indirect cost rate. Under this system,allocated costs were USD300,000 and USD100,000 for X and Y, respectively. If anactivity-based system is used, what would be the allocated costs for eachproduct? Product X ProductY
A USD200,000; USD200,000 B USD150,000; USD250,000 C USD100,000; USD300,000 D USD250,000; USD150,000
2 .The accountant for Champion Brake Inc.applies overhead based on machine hours. The budgeted overhead and machinehours for the year are USD260,000 and 16,000, respectively. The actual overheadand machine hours incurred were USD275,000 and 20,000. The cost of goods soldand inventory data compiled for the year is as follows: Direct Materials USD50,000 COGS 450,000 WIP (units) 100,000 Finished Goods (units) 150,000 What is the amountof over/underapplied overhead for the year?
A USD65,000 B USD15,000 C USD50,000 D USD67,000
3 .Jackson Co. is considering a project that will use 2,000 square feet of storage space at one of its facilities to store used equipment. What will determine Jackson's opportunity cost?
A The depreciation expense on the space. B The internal rate of return of the project. C The value of the next best use of the space. D The net present value of the project.
4 .Clear Plus, Inc. manufactures and sells boxesof pocket protectors. The static master budget and the actual results for Mayare as follows: Actual Static Budget Unit sales 12,000 10,000 Sales USD132,000 USD100,000 Variable costs of sales 70,800 60,000 Contribution margin 61,200 40,000 Fixed costs 32,000 30,000 Operating income USD29,200 USD10,000 The operatingincome for Clear Plus, Inc. using a flexible budget for May is:
A USD18,000 B USD21,000 C USD19,000 D USD16,000
5 .Management has reviewed the standard cost variance analysis and is trying to explain an unfavorable labor efficiency variance of USD8,000. Which of the following is the most likely cause of the variance?
A The department manager has chosen to use highly skilled workers. B The quality of raw materials has improved greatly. C The new labor contract increased wages. D The maintenance of machinery has been inadequate for the last few months.
7 .Discount Super Stores has adopted a strategy of becoming the low cost leader for consumer products in the northwest. The company defines its value in the marketplace through low prices and consistently measures its prices against those of its competitors. The location of these measurements would most likely be classified and summarized in which section of Discount's balanced scorecard?
A Customer. B Internal business processes. C Learning and innovation. D Financial.
8 .A company uses its company-wide cost of capital to evaluate new capital investments. What is the implication of this policy when the company has multiple operating divisions, each having unique risk attributes and capital costs?
A High-risk divisions will under-invest in high-risk projects. B High-risk divisions will over-invest in new projects and low risk divisions will under-invest in new projects. C Low-risk divisions will over-invest in low-risk projects. D Low-risk divisions will over-invest in new projects and high r...
9 .A company recently issued 9% preferred stock. The preferred stock sold for USD40 a share with a par of USD20. The cost of issuing the stock was USD5 a share. What is the company's cost of preferred stock?
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10 .A company has two divisions. Division A has operating income of USD500 and net assets of USD1,000. Division B has operating income of USD400 and net assets of USD1,600. The required rate of return for the company is 10%. Division B's residual income would be which of the following amounts?
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