AC 505 AC505 Unit 5 Quiz Answers (Kaplan University)

AC 505 Unit 5 Quiz (Kaplan University)

1. The individual generally responsible for explaining the direct-material price variance is the:
2. The Whitfield Co. uses a standard costing system and has established the following standards:
3. If a company uses standard costing, the manufacturing overhead applied to Work-in-Process Inventory would be computed as:
4. Blackwelder Snow Removal's cost formula for its vehicle operating cost is $1,240 per month plus $348 per snow-day. For the month of December, the company planned for activity of 12 snow-days, but the actual level of activity was 14 snow-days. The actual vehicle operating cost for the month was $6,330. The vehicle operating cost in the planning budget for December would be closest to: 
5. Which variance is commonly associated with measuring the cost of under- or over-utilization of plant capacity?
6. Based on a flexible budget for 5,000 machine hours of activity a company budgeted $25,000 forvariable manufacturing overhead and $10,000 for fixed manufacturing overhead.  If the company prepared a budget for 10,000 machine hours, how much total overhead would be budgeted?
7. Which of the following statements about standard cost accounting systems is true?
8. The Koski Company has established standards as follows:
9. The Koski Company has established standards as follows:
10. The Whitfield Co. uses a standard costing system and has established the following standards: