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    Costing-variances,ABC,application of overhead

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    Dear student,

    Question 41: Committed resources
    a) are supplied as needed.
    b) are acquired by a contract for the exact amount of their usage.
    c) may exceed the demand for their usage.
    d) All of the above are correct.
    Ans: a) are supplied as needed.

    Question 42: During September, 40,000 units were produced. The standard quantity of material allowed per unit was 5 pounds at a standard cost of $2.50 per pound. If there was a favorable usage variance of $25,000 for September, the actual quantity of materials used must have been
    a) 210,000 pounds.
    b) 190,000 pounds.
    c) 105,000 pounds.
    d) 95,000 pounds.
    Ans: b) 190,000 pounds.

    Question 43: Zipp Company manufactures two products (X and Y). The overhead costs ($84,000) have been divided into three cost pools that use the following activity drivers:
    Product Number of Setups Machine Hours Packing Orders
    X 10 ...

    Solution Summary

    The solution contains the answers for ten questions covering variances, activity based costing,under and over application of overhead, etc.,