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Harris Manufacturing produces white sauce It uses units as the cost driver for overhead. The following information was provided concerning its standard cost system for 2014

Harris Manufacturing produces white sauce. It uses units as the cost driver for overhead. The following information was provided concerning its standard cost system for 2014:

Budgeted and Standard DataActual Data

Material1/4 lb. @ $14 per poundProduced6,200 units

Labor1.4 hrs. @ $16 per hourMaterials purchased1,600 lbs. for $13.70/ pound

Total fixed overhead$84,000Materials used1,520 lbs.

Variable overhead$6.50 per unitLabor worked8,740 hrs. at $15.90/hour

Production6,000 unitsTotal overhead$122,000

 

How much is the standard cost of white sauce?

A.$50.50

B.$25.90

C.$45.95

D.$46.40

 

153.Harris Manufacturing produces white sauce. It uses units as the cost driver for overhead. The following information was provided concerning its standard cost system for 2014:

Budgeted and Standard DataActual Data

Material1/4 lb. @ $14 per poundProduced6,200 units

Labor1.4 hrs. @ $16 per hourMaterials purchased1,600 lbs. for $13.70/pound

Total fixed overhead$84,000Materials used1,520 lbs.

Variable overhead$6.50 per unitLabor worked8,740 hrs. at $15.90/hour

Production6,000 unitsTotal overhead$122,000

 

How much is the flexible budget for overhead for 2014?

A.$122,000

B.$123,000

C.$127,100

D.$124,300

 

154.Harris Manufacturing produces white sauce. It uses units as the cost driver for overhead. The following information was provided concerning its standard cost system for 2014:

Budgeted and Standard DataActual Data

Material1/4 lb. @ $14 per poundProduced6,200 units

Labor1.4 hrs. @ $16 per hourMaterials purchased1,600 lbs. for $13.70/pound

Total fixed overhead$84,000Materials used1,520 lbs.

Variable overhead$6.50 per unitLabor worked8,740 hrs. at $15.90/hour

Production6,000 unitsTotal overhead$122,000

 

How much is the overhead volume variance for 2014?

A.$2,300 favorable

B.$2,800 favorable

C.$0

D.$5,100 favorable

 

155.Harris Manufacturing produces white sauce. It uses units as the cost driver for overhead. The following information was provided concerning its standard cost system for 2014:

Budgeted and Standard DataActual Data

Material1/4 lb. @ $14 per poundProduced6,200 units

Labor1.4 hrs. @ $16 per hourMaterials purchased1,600 lbs. for $13.70/pound

Total fixed overhead$84,000Materials used1,520 lbs.

Variable overhead$6.50 per unitLabor worked8,740 hrs. at $15.90/hour

Production6,000 unitsTotal overhead$122,000

 

How much is the overhead controllable variance for 2014?

A.$2,300 favorable

B.$2,800 favorable

C.$500 favorable

D.$5,100 favorable

 

156.Harris Manufacturing produces white sauce. It uses units as the cost driver for overhead. The following information was provided concerning its standard cost system for 2014:

Budgeted and Standard DataActual Data

Material1/4 lb. @ $14 per poundProduced6,200 units

Labor1.4 hrs. @ $16 per hourMaterials purchased1,600 lbs. for $13.70/pound

Total fixed overhead$84,000Materials used1,520 lbs.

Variable overhead$6.50 per unitLabor worked8,740 hrs. at $15.90/hour

Production6,000 unitsTotal overhead$122,000

 

How much is the direct labor rate variance for 2014?

A.$874 favorable

B.$86 unfavorable

C.$960 unfavorable

D.$5,440 unfavorable

 

157.Harris Manufacturing produces white sauce. It uses units as the cost driver for overhead. The following information was provided concerning its standard cost system for 2014:

Budgeted and Standard DataActual Data

Material1/4 lb. @ $14 per poundProduced6,200 units

Labor1.4 hrs. @ $16 per hourMaterials purchased1,600 lbs. for $13.70/pound

Total fixed overhead$84,000Materials used1,520 lbs.

Variable overhead$6.50 per unitLabor worked8,740 hrs. costing $15.90/hour

Production6,000 unitsTotal overhead$122,000

 

How much the direct labor efficiency variance for 2014?

A.$874 favorable

B.$86 unfavorable

C.$960 unfavorable

D.$5,440 unfavorable

 

158.Harris Manufacturing produces white sauce. It uses units as the cost driver for overhead. The following information was provided concerning its standard cost system for 2014:

Budgeted and Standard DataActual Data

Material1/4 lb. @ $14 per poundProduced6,200 units

Labor1.4 hrs. @ $16 per hourMaterials purchased1,600 lbs. for $13.70/pound

Total fixed overhead$84,000Materials used1,520 lbs.

Variable overhead$6.50 per unitLabor worked8,740 hrs. costing $15.90/hour

Production6,000 unitsTotal overhead$122,000

 

How much the direct material price variance for 2014?

A.$456 favorable

B.$480 favorable

C.$900 favorable

D.$420 favorable

 

159.Harris Manufacturing produces white sauce. It uses units as the cost driver for overhead. The following information was provided concerning its standard cost system for 2014:

Budgeted and Standard DataActual Data

Material1/4 lb. @ $14 per poundProduced6,200 units

Labor1.4 hrs. @ $16 per hourMaterials purchased1,600 lbs. for $13.70/pound

Total fixed overhead$84,000Materials used1,520 lbs.

Variable overhead$6.50 per unitLabor worked8,740 hrs. costing $15.90/hour

Production6,000 unitsTotal overhead$122,000

 

How much the direct material quantity variance for 2014?

A.$456 favorable

B.$480 favorable

C.$900 favorable

D.$420 favorable

 

*160.Eli uses a standard costing system. At the end of the fiscal year, only the following variance accounts had balances:

 

Material Price Variance$260 (debit)

Material Quantity Variance$35 (credit)

Labor Efficiency Variance$65 (credit)

 

Assuming these amounts are not considered significant, which one of the following will be part of the journal entry to close these accounts?

A.Credit to Cost of Goods Sold for $160

B.Debit to Manufacturing Overhead Variances for $260

C.Debit to Cost of Goods Sold for $160

D.Credit to Manufacturing Overhead Control for $160

 

Material from the appendix to the chapter is marked with an asterisk (*).

 

 

 

Jan 24 2020 View more View Less

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