4 Written Questions

1. (Activity x Driver) - Actual DL Used = y
   Then: y * Standard Rate VMOH
   = VMOH Efficiency
2. To calculate find the difference between planned production and actual production and multiply by Fixed MOH rate and standard hours (if labor hours are driver) or mult planned budget * multiply by driver and Fixed MOH rate then actual production (times driver and rate) to get Volume Variance
3. The over of under application of fixed MOH
4. Take whatever budgeted price it applies to and multiply that by the quantity produced

4 Multiple Choice Questions

1. Difference between budgeted quantity and actual quantity
   1. Material Quantity Variance
   2. Standard Quantity Allowed
   3. Labor Rate Variance
   4. Material Price Variance
2. Difference between labor hours budgeted and actual labor hours
   1. Labor Rate Variance
   2. Material Quantity Variance
   3. Material Price Variance
   4. Labor Efficiency Variance
3. actual output x standard hours/unit x overhead application rate
   1. Material Price Variance
   2. Total Applied to WIP
   3. Standard Quantity Allowed
   4. Labor Rate Variance
4. Difference between labor costs budgeted and actual labor costs
   1. Labor Efficiency Variance
   2. Material Price Variance
   3. Material Quantity Variance
   4. Labor Rate Variance

3 True/False Questions

1. Material Price Variance → difference between budgeted cost of material and actual costs of materials

   True        False

2. Material Price Variance Attributed → difference between budgeted cost of material and actual costs of materials

   True        False

3. Volume Variance over/under → under applied: unfavorable
   over applied: favorable

   True        False