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The graph below shows the standard fixed overhead cost per unit, the total budgeted fixed overhead cost and the actual fixed overhead cost for the month of December. The actual number of units produced in June was 2,500 units.



A

$2,500 Adverse

B

$3,750 Favourable

C

$5,000 Adverse

D

$6,250 Favourable

A company currently uses a standard absorption costing system. The fixed overhead variances extracted from the operating statement for November are:Fixed production overhead expenditure variance Fixed production overhead capacity variance Fixed production overhead efficiency variancePQ Limited is considering using standard marginal costing as the basis for variance reporting in future. What variance for fixed production overhead would be shown in a marginal costing operating statement for November?

A

No variance would be shown for fixed production overhead

B

Expenditure variance: $5,800 adverse

C

Volume variance: $2,800 favourable

D

Total variance: $3,000 adverse

Which of the following situations is most likely to result in a favourable selling price variance?

A

The sales director decided to change from the planned policy of market skimming pricing to one of market penetration pricing

B

Fewer customers than expected took advantage of the early payment discounts offered

C

Competitors charged lower prices than expected, therefore selling prices had to be reduced in order to compete effectively

D

Demand for the product was higher than expected and prices could be raised without adverse effects on sales volumes

A company uses a standard absorption costing system. The following details have been extracted from its budget for April.Fixed production overhead cost $48,000 Production (units) 4,800 In April the fixed production overhead cost was under absorbed by $8,000 and the fixed production overhead expenditure variance was $2,000 adverse.What was the actual number of units produced?

A

3,800

B

4,200

C

4,800

D

5,800

A company purchased 6,850 kgs of material at a total cost of $21,920. The material price variance was $1,370 favourable. What was the standard price per kg?

A

$0.20

B

$3.00

C

$3.20

D

$3.40

The following data relates to one of a company's products.

                                                  $ per unit                                 $ per unit

 Selling price                                                                                  27,00

Variable costs                               12.00

Fixed costs                                    9.00

                                                                                                      21.00

Profit                                                                                              6.00

Budgeted sales for control period 7 were 2,400 units, but actual sales were 2,550 units. The revenue earned from these sales was $67,320.

Profit reconciliation statements are drawn up using marginal costing principles. What sales variances would be included in such a statement for period 7?

A

Price              Volume

$1,530 (A)        $900 (F)

B

Price                     Volume

$1,530 (A)          $2.250 (F)

C

 Price                 Volume

$1,530 (A)         $2.250 (A)

D

Price               Volume

$1,530 (F)       $2.250 (F)

Last month a company budgeted to sell 8,000 units at a price of $12.50 per unit. Actual sales lastmonth were 9,000 units giving a total sales revenue of $117,000. What was the sales price variance for last month?

A

$4,000 Favourable

B

$4,000 Adverse

C

$4,500 Favourable

D

$4,500 Adverse

A company uses variance analysis to control costs and revenues.

Information concerning sales is as follows:

Budgeted selling price               $15 per unit

Budgeted sales units                 10,000 units

Budgeted profit per unit             $5 per unit    

Actual sales revenue                 $ 151,500

Actual units sold                         9,800 units

What is the sales volume profit variance?

A

$500 Favourable

B

$1,000 Favourable

C

$1,000 Adverse

D

$3,000 Adverse

A company manufactures a carbonated drink, which is sold in 1 litre bottles. During the bottling process there is a 20% loss of liquid input due to spillage and evaporation. What is the standard usage of liquid per bottle?

A

0.80 litres

B

1.00 litres

C

1.20 litres

D

1.25 litres

Which of the following best describes management by exception?

A

Using management reports to highlight exceptionally good performance, so that favourable results can be built upon to improve future outcomes

B

Sending management reports only to those managers who are able to act on the information contained within the reports

C

Focusing management reports on areas which require attention and ignoring those which appear to be performing within acceptable limits

D

Focusing management reports on areas which are performing just outside acceptable limits