Actual production for the period 7,500 units Direct materials purchases: Pounds purchased 25,000

pounds Total cost $38,750 Direct materials issued to production 23,000 pounds 46 . The direct materials
price variance for the current period is (E) A. $1,125 favorable. C. $1,200 favorable. B. $1,150 favorable.
D. $1,250 favorable. 47 . The materials efficiency variance for the current period is (E) A. $775
unfavorable. C. $1,600 favorable. B. $800 unfavorable. D. $3,200 favorable. Questions 15 and 16 are
based on the following information. CIA 1196 III-80 & 81 A company manufactures a product that has
the direct materials, standard cost presented below. Budgeted and actual information for the current
month for the manufacture of the finished product and the purchase and use of the direct materials is
also presented. Standard cost for direct materials – 1.60 lbs. @ $2.50 per lb. = $4.00 Budget Actual
Finished goods (in units) 30,000 32,000 Direct materials usage (in pounds) 48,000 51,000 Direct
materials purchases (in pounds) 48,000 50,000 Total cost of direct materials purchases $120,000
$120,000 48 . The direct materials price variance for the current month is (E) a. $7,500 unfavorable. c.
$5,000 favorable. b. Zero. d. $5,100 favorable. 49 . The direct materials efficiency variance for the
current month is (E) a. $500 favorable. c. $7,500 unfavorable. b. $3,000 favorable. d. $8,000
unfavorable. CMA EXAMINATION QUESTIONS Page 16 of 138MANAGEMENT ADVISORY SERVICES
STANDARD COSTS AND VARIANCE ANALYSIS Questions 19 and 20 are based on the following
information. RPCPA 1083 Valenzuela Plastics Inc. has set a standard cost, P5.25 per unit for Material D
and P12.25 per unit for Material E. In June, Valenzuela bought 17,500 units of Material D and 8,750 units
of Material E. All Material D, except 1,400 units were bought at the standard unit cost. The 1,400 units
had a unit cost of P6.15. Valenzuela bought 7,875 units of Material E at standard cost and 875 units at a
unit cost of P14. In accordance with the standard two units of Material D and one unit of Material E
should be used to make each unit of Product F. In January, 7,000 units of Product F were made and
15,050 units of Material D were used and 7,175 units of Material E were used. *. The total materials
price variance is (M) a. P2,791.25 favorable c. P13,781.25 favorable b. P2,791,25 unfavorable d.
P13,781.25 unfavorable *. The total materials quantity variance is (M) a. P7,656.25 favorable c.
P13,781.25 favorable b. P7,656.25 unfavorable d. P13,781.25 unfavorable Questions 74-75 are based on
the following information: G & N 10e The following materials standards have been established for a
particular product: Standard quantity per unit of output 8.7 grams Standard price $15.30 per gram The
following data pertain to operations concerning the product for the last month: Actual materials
purchased 3,900 grams Actual cost of materials purchased $56,550 Actual materials used in production
3,600 grams Actual output 400 units 74. What is the materials price variance for the month? A. $2,880 F
C. $2,880 U B. $3,120 U D. $3,120 F 75. What is the materials quantity variance for the month? A. $1,740
U C. $4,590 U B. $4,350 U D. $1,836 U Questions 76-77 are based on the following information: G & N
10e The following materials standards have been established for a particular product: Standard quantity
per unit of output 3.2 feet Standard price $10.10 per feet The following data pertain to operations
concerning the product for the last month: Actual materials purchased 5,900 feet Actual cost of
materials purchased $60,475 Actual materials used in production 5,400 feet Actual output 1,400 units
76. What is the materials price variance for the month? A. $885 U C. $885 F B. $810 U D. $810 F 77.
What is the materials quantity variance for the month? A. $5,050 U C. $9,292 U B. $5,125 U D. $9,430 U
Questions 85 & 86 are based on the following information. G & N 9e The following materials standards
have been established for a particular product: Standard quantity per unit of output .. 4.4 pounds
Standard price ........................ $13.20 per pound The following data pertain to operations concerning
the product for the last month: Actual materials purchased ............ 4,800 pounds Actual cost of
materials purchased .... $62,880 Actual materials used in production ... 4,300 pounds Actual
output ......................... 700 units 85. What is the materials price variance for the month? (E) a. $480 F c.
$430 U b. $430 F d. $480 U 86. What is the materials quantity variance for the month? (E) a. $6,550 U c.
$16,104 U b. $15,982 U d. $6,600 U Questions 87 thru 88 are based on the following information. G & N
9e The following materials standards have been established for a particular product: Standard quantity
per unit of output .. 1.9 grams CMA EXAMINATION QUESTIONS Page 17 of 138MANAGEMENT ADVISORY
SERVICES STANDARD COSTS AND VARIANCE ANALYSIS Standard price ........................ $18.00 per gram
The following data pertain to operations concerning the product for the last month: Actual materials
purchased ............ 5,800 grams Actual cost of materials purchased .... $108,460 Actual materials used in
production ... 5,200 grams Actual output ......................... 2,700 units 87. What is the materials price
variance for the month? (E) a. $4,060 U c. $3,640 U b. $3,640 F d. $4,060 F 88. What is the materials
quantity variance for the month? (E) a. $1,260 U c. $11,220 U b. $1,309 U d. $10,800 U Questions 89 &
90 are based on the following information. G & N 9e The following materials standards have been
established for a particular product: Standard quantity per unit of output .. 6.8 meters Standard
price ........................ $17.10 per meter The following data pertain to operations concerning the product
for the last month: Actual materials purchased ............ 9,000 meters Actual cost of materials
purchased .... $156,600 Actual materials used in production ... 8,500 meters Actual
output ......................... 1,200 units 89. What is the materials price variance for the month? (E) a. $2,700
F c. $2,550 F b. $2,550 U d. $2,700 U 90. What is the materials quantity variance for the month? (E) a.
$5,814 U c. $5,916 U b. $8,700 U d. $8,550 U Questions 1 & 2 are based on the following information. H
& M Assume that the standard cost to make one widget includes 5 units of raw materials at a price of $3
per unit. In July, 17,000 units of raw materials were purchased for $50,400, and 10,400 units of raw
materials were used to produce 2,000 units of finished product. The material price variance is recorded
at the time of purchase. 50 . What i