The purchase price of an item of inventory is USD25 per unit. In each three-month period the usage of the item is 20,000 units. The annual holding costs associated with one unit equate to 6% of its purchase price. The cost of placing an order for the item is USD20.What is the Economic Order Quantity (EOQ) for the inventory item to the nearest whole unit?
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1 .A company budgeted to sell 5,000 units of a product in November at a standard price of USD30 per unit and to earn a profit of USD25,000. It actually sold 6,000 units at USD28 per unit and earned a profit of USD32,000.What was the favourable sales volume profit variance for November?
A USD5,000 B USD7,000 C USD12,000 D USD30,000
2 .The standard direct labour cost for a product is 2 hours per unit at USD12 per hour. In May 2011, when 100,000 units were produced, the company paid direct wages of USD13 per hour for the 205,000 hours worked. What was the direct labour efficiency variance for May 2011?
A USD60,000 adverse B USD60,000 favourable C USD265,000 favourable D USD265,000 adverse
3 .The standard direct labour cost for a product is 2 hours per unit at USD12 per hour. In May 2011, when 100,000 units were produced, the company paid direct wages of USD13 per hour for the 205,000 hours worked.What was the direct labour rate variance for May 2011?
A USD200,000 adverse B USD205,000 favourable C USD205,000 adverse D USD265,000 adverse
4 .Which of following may cause an adverse efficiency variance for labour?
A Higher wage rates B Improved training C Machinery downtime D Unauthorised absenteeism
5 .Which of the following is normally associated with an adverse sales variance?
A A slight downward change in demand following a major price increase B A slight upwards change in demand following a major price reduction C Higher sales volume D Higher selling prices
7 .Which department would normally be responsible for completing a standard purchase requisition for goods in a service organisation?
A The buying (purchasing) department B The department that requires the goods C The goods inwards department D The accounting department staff
8 .Which one of the following groups of workers would be classified as indirect labour?
A Machinists in an organisation manufacturing clothes B Bricklayers in a house building company C Maintenance workers in a shoe factory D Assembly workers in a vehicle manufacturing business
9 .Which one of the following would be classified as indirect labour?
A Assembly workers on a car production line B Bricklayers in a house building company C Machinists in a factory producing clothes D Forklift truck drivers in the stores of an engineering company
10 .The following statements refer to situations occurring in Process Q of an organisation which operates a series of consecutive processes:(i) Direct labour is working at below the agreed productivity level.(ii) A machine breakdown has occurred.(iii) Direct labour is waiting for work to be completed in a previous process.Which of these situations could give rise to idle time?
A (i) and (ii) only B (i) and (iii) only C (ii) and (iii) only D (i), (ii) and (iii)
