UMUC ACCT 221 HOMEWORK 7 WITH ANSWERS (2021).docx

UMUC ACCT 221 HOMEWORK 7 WITH ANSWERS (2021)
BUY HERE⬊
https://www.seetutorials.com/umuc-acct-
221-homework-7-with-answers-2021/
The total manufacturing cost variance consists of
The standard costs and actual costs for direct labor for the manufacture of 2,500 actual units of product are as
follows:
Variances from standard costs are reported to
Match the following formulas or descriptions with the term (a-e) it defines.
All of the following qualitative considerations may impact upon capital investment analysis except
Annapolis Company completes job #601 which has a standard of 630 labor hours at a standard rate of $18.35 per
hour. The job was completed in 580 hours and the average actual labor rate was $18.20 per hour. What is the labor
rate variance? Round and enter as a whole number (no cents). Enter as a negative number to indicate a favorable
variance and enter as a positive number to indicate a unfavorable variance.
Annapolis Company completes job #601 which has a standard of 550 labor hours at a standard rate of $18.60 per
hour. The job was completed in 510 hours and the average actual labor rate was $17.50 per hour. What is the labor
efficiency (quantity) variance? Enter as a negative number to indicate a favorable variance and enter as a positive
number to indicate a unfavorable variance.
Widget manufacturing Company is closing out production jobs for the month of May. The standard material quantity is
1,000 pounds and the company actually used 940 pounds. The journal entry to record the quantity variance would
include:
Widget manufacturing is closing out the month of July. The budget called for production of 4,000 units but
actual production was only 3,500 units. The entry to apply fixed factory overhead would include a:
Actual direct material used for the month of June totaled 14,500 pounds in order to produce 4,700 equivalent units.
The June budget called for using 15,000 pounds of material to produce 5,000 units. What was the material usage
variance for the month?