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Patterson Company The following information is for Patterson Company's July production Standards: 3.0 feet per unit @ $4.20 per foot 2.5 hours per unit@$7.50 per hour Material Labor Actual: Productiorn Material 2,750 units produced during the month 8,700 feet used; 9,000 feet purchased@ $4.50 per foot 7,000 direct labor hours $7.90 per hour Labor (Round all answers to the nearest dollar.) Refer to Patterson Company. What is the material price variance (calculated at point of parchase)? 9. a. $2,700 U b. $2,700 F c. $2,610 F d. $2,610 U 10. Refer to Patterson Company. What is the material quantity variance? a. $3.105 F b. $1,050 F c. $3,105 U d. $1,890 U I1. Refer to Patterson Company. What is the labor rate variance? a. $3,480 U b. $3,480 F c. $2,800 U d. $2,800 F 12. Refer to Patterson Company. What is the labor efficiency variance? a. $1,875 U b. $938 U c. $1,875 F d. $1,125 U 13. Which of the following statements is true? All organizations have the same set of budgets. b. a. All organizations are required to budget. Budgets are a quantitative expression of an organization's goals and objectives. d. c. Budgets should never be used to evaluate performance. Which of the following is not an "operating" budget? a. sales budget 14. b. production budget c. purchases budget d. capital budget The master budget usually includes a. 15. an operating budget. b. a capital budget Budget version financial statements. c. d. all of the above

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