5B

Question 1

Price Variance

Answer 1

Quantity purchased x (Standard Price - Actual Price)

Question 2

Usage Variance

Answer 2

Standard Price x (Standard Quantity - Actual Quantity)

Question 3

DL Variance

Answer 3

Hrs Worked x (Standard Price - Actual Price)

Question 4

DL Efficiency Variance

Answer 4

Standard Price x (Standard Hours x Actual Hours)

Question 5

Income Difference

Answer 5

Change in Inventory x Fixed Cost Per unit

Question 6

Variable Overhead spending Variance

Answer 6

Actual Quantity x (Actual Price -Standard Price)

Question 7

Overhead Charged to Job

Answer 7

(DL Hrs used to job / Estimated Total DL HR ) x Total Budget Overhead

Question 8

Raw Materials Used

Answer 8

Purchase + Beg Raw Inventory - Ending raw material inventory

Question 9

Current Production Costs

Answer 9

COGS + Ending FG - Beg FG

Question 10

Conversion Costs

Answer 10

DL + OH

Question 11

Production Costs - Raw Materials Used = ??

Answer 11

Conversion Cost

Question 12

Overhead Application Rate

Answer 12

Over head cost/ Volume of allocation Base