choose the correct answer (mcqs) no need of any explanation 1) Lupo Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. The company based its predetermined overhead rate for the current year on the following data: Total machine-hours 30,000 Total fixed manufacturing overhead cost $ 252,000 Variable manufacturing overhead per machine-hour $ 2.10 Recently, Job T687 was completed with the following characteristics: Number of units in the job 10 Total machine-hours 30 Direct materials $ 675 Direct labor cost $ 1,050If the company marks up its unit product costs by 40% then the selling price for a unit in Job T687 is closest to: A $305.60 B $285.60 C $241.50 D $81.60
Variance Analysis
In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.
Standard Costing
The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
choose the correct answer (mcqs) no need of any explanation
1) Lupo Corporation uses a job-order costing system with a single plantwide predetermined
| Total machine-hours | 30,000 |
| Total fixed |
$ 252,000 |
| Variable manufacturing overhead per machine-hour | $ 2.10 |
Recently, Job T687 was completed with the following characteristics:
| Number of units in the job | 10 |
| Total machine-hours | 30 |
| Direct materials | $ 675 |
| Direct labor cost | $ 1,050 |
| A |
$305.60
|
|
| B |
$285.60
|
|
| C |
$241.50
|
|
| D |
$81.60
|
2) Beans Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on direct labor-hours. The company based its predetermined overhead rate for the current year on total fixed manufacturing overhead cost of $162,000, variable manufacturing overhead of $2.80 per direct labor-hour, and 60,000 direct labor-hours. Recently, Job K818 was completed with the following characteristics:
| Number of units in the job | 10 |
| Total direct labor-hours | 50 |
| Direct materials | $ 920 |
| Direct labor cost | $ 1,400 |
| A |
$2.80 per direct labor-hour
|
|
| B |
$8.30 per direct labor-hour
|
|
| C |
$2.70 per direct labor-hour
|
|
| D |
$5.50 per direct labor-hour
|
3) Spang Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. The company based its predetermined overhead rate for the current year on the following data:
| Total machine-hours | 20,000 | |
| Total fixed manufacturing overhead cost | $ | 176,000 |
| Variable manufacturing overhead per machine-hour | $ | 2.20 |
Recently, Job P505 was completed with the following characteristics:
| Total machine-hours | 200 | |
| Direct materials | $ | 540 |
| Direct labor cost | $ | 7,200 |
The total
| A |
$7,740
|
|
| B |
$2,740
|
|
| C |
$9,940
|
|
| D |
$9,400
|
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