Quiz 31: Costing – Direct Materials Variance

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If you need a refresher course on this topic update your knowledge using our tutorials about the direct materials quantity variance and the direct materials price variance, two of the main variances used in standard costing.

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1. What is the formula for the direct materials price variance?
Wrong
Right!
Wrong
2. What is the formula for the direct materials quantity variance?
Right!
Wrong
Wrong
3. A manufacture produces items using plastic sheets, given the following information, what is the direct materials quantity variance?

Actual items produced 500
Standard quantity of sheets per item 2.00
Standard price per sheet 4.00
Actual quantity of sheets used 1,200

Wrong
Right!
Wrong

4. A manufacture produces items using plastic sheets, given the following information, what is the direct materials quantity variance?

Actual items produced 600
Standard quantity of sheets per item 3.00
Standard price per sheet 2.00
Actual quantity of sheets used 1,700

Wrong
Wrong
Right!
5. A manufacture produces items using plastic sheets, given the following information, what is the direct materials quantity variance?

Actual items produced 250
Standard quantity of sheets per item 50.00
Standard price per sheet 4.00
Actual quantity of sheets used 11,000

Wrong
Wrong
Right!
6. A favorable direct materials quantity variance is posted to which side of the direct materials quantity variance account?
Right!
Wrong
Wrong
7. An unfavorable direct materials price variance is posted to which side of the direct materials price variance account?
Wrong
Right!
Wrong
8. A manufacture produces items using plastic sheets, given the following information, what is the direct materials price variance?

Actual quantity purchased 2,000
Standard price per sheet 2.00
Actual price per sheet 3.80

Right!
Wrong
Wrong
9. A significant unfavorable (debit) balance of 8,000 is shown on the direct materials quantity variance account. At the period end, 20% of the material is in work in process, and 80% has been transferred to finished goods.
When allocating and clearing this balance what is the entry to the finished goods inventory account?
Right!
Wrong
Wrong
10. An insignificant favorable (credit) balance of 200 is shown on the direct materials price variance account, which account is the balance cleared to at the period end?
Wrong
Wrong
Right!

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Quiz 31: Costing – Direct Materials Variance December 14th, 2016Team

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