Labor Rate variance
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1. Several people play an essential part in setting standards. Which of the following is incorrect as to setting standards?
Accountants express judgment in dollars and cents.
Engineers identify material, labor, and machine requirements.
Human resource managers provide personnel information.
Quality managers provide quality measures that will be used to evaluate rejects.
2. If the wage rate paid per hour differs from the standard wage rate per hour for direct labor, the variance is termed ________.
variable variance
rate variance
quantity variance
volume variance
3. The Joyner Corporation had 8,000 actual direct labor hours at an actual rate of $12.20 per hour. Original production had been budgeted for 1,100 units, but only 1,000 units were actually produced. Labor standards were 7.5 hours per completed unit at a standard rate of $13 per hour.
Compute the labor rate variance.
6,400U
6,400F
6,500U
6,500F
4. Which of the following is not a reason for a direct materials quantity variance?
Malfunctioning equipment
Purchasing of inferior raw materials
Material requiring rework
Spoilage of materials
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Response provides the steps to calculate the Labor Rate variance
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1. Several people play an essential part in setting standards. Which of the following is incorrect as to setting standards?
Quality managers provide quality measures that will be used to evaluate rejects.
(But figures of these are not directly used in calculations)
...
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