Q1) Vaughn Manufacturing has a materials price standard of $2.00 per pound. 4900 pounds of materials were purchased at $2.20 a pound. The actual quantity of materials used was 4900 pounds, although the standard quantity allowed for the output was 3700 pounds.
Vaughn Manufacturing's total materials variance is
$3380 U.
$3380 F.
$3620 U.
$3620 F
Q2) Sheffield Corp. produces a product requiring 3 direct labor hours at $16.00 per hour. During January, 2800 products are produced using 8700 direct labor hours. Sheffield's actual payroll during January was $135720. What is the labor quantity variance?
$4800 F
$1320 U
$3480 F
$4800 U
Q3) A company purchases 50000 pounds of materials. The materials price variance is $4000 favorable. What is the difference between the standard and actual price paid for the materials?
$0.08
Cannot be determined from the data provided
$1.00
$12.50
Q4) Swifty Corporation manufactures a product with a standard direct labor cost of two hours at $18 per hour. During July, 2000 units were produced using 4400 hours at $18.30 per hour. The labor price variance was
$8520 U.
$7200 U.
$1320 U.
$8520 F.