Problem 1DQ: Discuss the dirrerence between budgets and standard costs. Problem 2DQ: Describe the relationship that unit standards have with flexible budgeting. Problem 3DQ: Why is historical experience often a poor basis for establishing standards? Problem 4DQ Problem 5DQ: Explain why standard costing systems adopted. Problem 6DQ: How does standard costing improve the control function? Problem 7DQ: Discuss the differences among actual costing, normal costing, and standard costing. Problem 8DQ Problem 9DQ: The budget variance for variable production costs is broken down into quantity and price variances.... Problem 10DQ: When should a standard cost variance be investigated? Problem 11DQ: What are control limits, and how are they set? Problem 12DQ: Explain why the materials price variance is often computed at the point of purchase rather than at... Problem 13DQ: The materials usage variance is always the responsibility of the production supervisor. Do you agree... Problem 14DQ: The labor rate variance is never controllable. Do you agree or disagree? Why? Problem 15DQ Problem 16DQ: What is kaizen costing? On which part of the value chain does kaizen costing focus? Problem 17DQ: What is target costing? Describe how costs are reduced so that the target cost can be met. Problem 18DQ Problem 19DQ: The variable overhead efficiency variance has nothing to do with efficient use of variable overhead.... Problem 20DQ: Describe the difference between the variable overhead efficiency variance and the labor efficiency... Problem 21DQ: What is the cause of an unfavorable volume variance? Problem 22DQ: Does the volume variance convey any meaningful information to managers? Problem 23DQ: Which do you think is more important for control of fixed overhead costs: the spending variance or... Problem 1MCQ Problem 2MCQ: A currently attainable standard is one that a. relies on maximum efficiency. b. uses only historical... Problem 3MCQ: An ideal standard is one that a. uses only historical experience. b. relies on maximum efficiency.... Problem 4MCQ: The underlying details for the standard cost per unit are provided in a. the standard... Problem 5MCQ: The standard quantity of materials allowed is computed as a. Unit Quantity Standard Standard... Problem 6MCQ: The standard direct labor hours allowed is computed as a. Unit Labor Standard Actual Output. b.... Problem 7MCQ: Investigating variances from standard is a. always done. b. done if the variance is inside an... Problem 8MCQ Problem 9MCQ: The materials price variance is usually computed a. when goods are finished. b. when materials are... Problem 10MCQ: Responsibility for the materials usage variance is usually assigned to a. the chief executive... Problem 11MCQ: Responsibility for the labor rate variance typically is assigned to a. production. b. labor markets.... Problem 12MCQ: Responsibility for the labor efficiency variance typically is assigned to a. labor unions. b.... Problem 13MCQ: (Appendix 10A) Which of the following items describes practices surrounding the recording of... Problem 14MCQ: (Appendix 10A) Which of the following is true concerning labor variances that are not material in... Problem 15MCQ: The total variable overhead variance is the difference between a. the budgeted variable overhead and... Problem 16MCQ: A variable overhead spending variance can occur because a. prices for individual overhead items have... Problem 17MCQ: The total variable overhead variance can be expressed as the sum of a. the underapplied variable... Problem 18MCQ: The total fixed overhead variance is a. the difference between actual and applied fixed overhead... Problem 19MCQ: The total fixed overhead variance can be expressed as the sum of a. the spending and efficiency... Problem 20MCQ: An unfavorable volume variance can occur because a. too much finished goods inventory was held. b.... Problem 21BEA Problem 22BEA: Control Limits During the last 6 weeks, the actual costs of materials for Brennen Company were as... Problem 23BEA: Use the following information to complete Brief Exercises 10-23 and 10-24: Krumple Inc. produces... Problem 24BEA: Use the following information to complete Brief Exercises 10-23 and 10-24: Krumple Inc. produces... Problem 25BEA: Use the following information to complete Brief Exercises 10-25 and 10-26: Tico Inc. produces... Problem 26BEA: Use the following information to complete Brief Exercises 10-25 and 10-26: Tico Inc. produces... Problem 27BEA: Rath Company showed the following information for the year: Required: 1. Calculate the standard... Problem 28BEA: Variable Overhead Spending and Efficiency Variances, Columnar and Formula Approaches Rath Company... Problem 29BEA: Performance Report for Variable Variances Humo Company provided the following information: Required:... Problem 30BEA: Total Fixed Overhead Variance Bradshaw Company provided the following data: Required: 1. Calculate... Problem 31BEA: Fixed Overhead Spending and Volume Variances, Columnar and Formula Approaches Branch Company... Problem 32BEB Problem 33BEB: Control Limits During the last 6 weeks, the actual costs of labor for Solsana Company were as... Problem 34BEB Problem 35BEB: Use the following information to complete Brief Exercises 10-34 and 10-35: Young Inc. produces... Problem 36BEB: Use the following information to complete Brief Exercises 10-36 and 10-37: Ambient Inc. produces... Problem 37BEB: Use the following information to complete Brief Exercises 10-36 and 10-37: Ambient Inc. produces... Problem 38BEB: Mulliner Company showed the following information for the year: Required: 1. Calculate the standard... Problem 39BEB: Variable Overhead Spending and Efficiency Variances, Columnar and Formula Approaches Aretha Company... Problem 40BEB: Performance Report for Variable Variances Potter Company provided the following information:... Problem 41BEB: Bulger Company provided the following data: Required: 1. Calculate the standard hours allowed for... Problem 42BEB: Fixed Overhead Spending and Volume Variances, Columnar and Formula Approaches Corey Company provided... Problem 43E: Standard Quantities of Labor and Materials Stillwater Designs rebuilds defective units of its S12L7... Problem 44E: Sommers Company uses the following rule to determine whether materials usage variances should be... Problem 45E: Use the following information for Exercises 10-45 through 10-47: Cinturon Corporation produces... Problem 46E: Refer to the information for Cinturon Corporation on the previous page. Required: 1. Break down the... Problem 47E: Refer to the information for Cinturon Corporation on the previous page. Required: 1. Break down the... Problem 48E: Materials Variances Manzana Company produces apple juice sold in gallons. Recently, the company... Problem 49E: Labor Variances Verde Company produces wheels for bicycles. During the year, 660,000 wheels were... Problem 50E: At the beginning of the year, Craig Company had the following standard cost sheet for one of its... Problem 51E: Jackie Iverson was furious. She was about ready to fire Tom Rich, her purchasing agent. Just a month... Problem 52E: 10-52 Materials and Labor Variances Refer to the information for Deporte Company above. Required:... Problem 53E: Refer to the information for Deporte Company above. Required: 1. Prepare a journal entry for the... Problem 54E: Esteban Products produces instructional aids, including white boards, which use colored markers... Problem 55E: Escuchar Products, a producer of DVD players, has established a labor standard for its productdirect... Problem 56E: Use the following information for Exercises 10-56 and 10-57: Rostand Inc. operates a delivery... Problem 57E: Refer to the information for Rostand Inc. above. Assume that the actual fixed overhead was 403,400.... Problem 58E: At the beginning of the year, Lopez Company had the following standard cost sheet for one of its... Problem 59E: Zepol Company is planning to produce 600,000 power drills for the coming year. The company uses... Problem 60E: Last year, Gladner Company had planned to produce 140,000 units. However, 143,000 units were... Problem 61E: Anker Company had the data below for its most recent year, ended December 31: Required: Prepare a... Problem 62P: Cabanarama Inc. designs and manufactures easy-to-set-up beach cabanas that families can set up for... Problem 63P: Basuras Waste Disposal Company has a long-term contract with several large cities to collect garbage... Problem 64P: Tom Belford and Tony Sorrentino own a small business devoted to kitchen and bath granite... Problem 65P: Mantenga Company provides routine maintenance services for heavy moving and transportation vehicles.... Problem 67P: Buenolorl Company produces a well-known cologne. The standard manufacturing cost of the cologne is... Problem 68P: The management of Golding Company has determined that the cost to investigate a variance produced by... Problem 69P: Phono Company manufactures a plastic toy cell phone. The following standards have been established... Problem 70P: Botella Company produces plastic bottles. The unit for costing purposes is a case of 18 bottles. The... Problem 71P: The Lubbock plant of Morrils Small Motor Division produces a major subassembly for a 6.0 horsepower... Problem 72P: Moleno Company produces a single product and uses a standard cost system. The normal production... Problem 73P: The Lubbock plant of Morrils Small Motor Division produces a major subassembly for a 6.0 horsepower... Problem 74P: Extrim Company produces monitors. Extrims plant in San Antonio uses a standard costing system. The... Problem 75P: Lynwood Company produces surge protectors. To help control costs, Lynwood employs a standard costing... Problem 76P: Shumaker Company manufactures a line of high-top basketball shoes. At the beginning of the year, the... Problem 77C: Paul Golding and his wife, Nancy, established Crunchy Chips in 1938. Over the past 60 years, the... Problem 79C Problem 1MTC Problem 2MTC: The Two Cost Systems Sacred Heart Hospital (SHH) faces skyrocketing nursing costs, all of which... Problem 3MTC Problem 4MTC Problem 5MTC: The Two Cost Systems Sacred Heart Hospital (SHH) faces skyrocketing nursing costs, all of which... Problem 6MTC Problem 7MTC Problem 8MTC Problem 9MTC Problem 10MTC: Sacred Heart Hospital (SHH) faces skyrocketing nursing costs, all of which relate to its two biggest... format_list_bulleted