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CIMAPRO19-P01-1 Exam - Topic 7 Question 101 Discussion

GH manufactures a product using skilled labour and high quality materials. The company operates a standard costing system and a just-in-time (JIT) purchasing and production system. The standard selling price and variable costs for one unit of the product are as follows:Calculate the following variances for October, taking account of the more detailed information regarding the labour mix:(i) The total labour efficiency variance(ii) The total labour mix variance(iii) The total labour yield varianceSelect the correct statements.
A) Labour yield variance: $ 144 000 A
B) Labour mix variance: $ 66 000 F
C) Labour efficiency variance: $ 78 000 A
D) Labour efficiency variance: $ 78 000 F
E) Labour efficiency variance: $ 88 000 F
F) Labour mix variance: $ 75 000 F
G) Labour efficiency variance: $ 98 000 A
H) Labour mix variance: $ 63 000 A

CIMAPRO19-P01-1 Exam - Topic 7 Question 101 Discussion

Actual exam question for CIMA's CIMAPRO19-P01-1 exam
Question #: 101
Topic #: 7
[All CIMAPRO19-P01-1 Questions]

GH manufactures a product using skilled labour and high quality materials. The company operates a standard costing system and a just-in-time (JIT) purchasing and production system. The standard selling price and variable costs for one unit of the product are as follows:

Calculate the following variances for October, taking account of the more detailed information regarding the labour mix:

(i) The total labour efficiency variance

(ii) The total labour mix variance

(iii) The total labour yield variance

Select the correct statements.

Show Suggested Answer Hide Answer
Suggested Answer: A

References:


by Edda at Sep 18, 2024, 04:00 PM

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Darnell
8 months ago
Definitely leaning towards $88,000 F for efficiency variance.
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Emile
8 months ago
Wait, how can the efficiency variance be both A and F? Sounds off.
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Aracelis
8 months ago
Labour efficiency variance could be $78,000 A or F, right?
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Yuette
8 months ago
I think the labour mix variance is actually $66,000 F.
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Wade
9 months ago
Labour yield variance is $144,000 A.
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Theola
9 months ago
I’m leaning towards option B for the mix variance, but I’m a bit confused about the yield variance. Did we cover that in detail?
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Crista
9 months ago
I feel like the labour mix variance was similar to a question we did in class, but I can't remember the exact numbers we used.
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King
9 months ago
I think the labour efficiency variance is usually the most significant, but I can't recall if it's favorable or adverse in this case.
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Johnathon
9 months ago
I remember we practiced calculating variances, but I'm not entirely sure how to differentiate between the mix and yield variances.
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Svetlana
9 months ago
I'm feeling pretty confident about this. I've practiced similar variance analysis questions, so I know the general approach. I'll just need to plug in the numbers and double-check my work.
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Glory
9 months ago
This seems straightforward enough. I'll start by calculating the total labor efficiency variance, then move on to the mix and yield variances. As long as I'm careful with the calculations, I should be able to get the right answers.
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Nickie
9 months ago
Okay, I think I've got a handle on this. The key is to use the standard and actual hours and rates for each labor category to calculate the variances. I'll work through it step-by-step.
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Helga
9 months ago
This looks like a standard variance analysis question. I'll need to carefully calculate the labor efficiency, mix, and yield variances based on the information provided.
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Nicolette
10 months ago
Hmm, I'm a bit confused by the different labor categories and how they factor into the variances. I'll need to review the formulas and make sure I understand how to apply them correctly.
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Helga
1 year ago
This is the kind of question that makes me wish I had a crystal ball instead of a calculator.
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Sarina
1 year ago
I bet the exam writer is sipping coffee, waiting to see if we'll fall for any of these options.
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Laine
1 year ago
Well, I guess we'll have to wait and see when we get our results back.
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Kris
1 year ago
I'm not so sure, I think it might be D) Labour efficiency variance: $ 78 000 F and F) Labour mix variance: $ 75 000 F.
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Viola
1 year ago
I agree, those seem to be the most reasonable options based on the information provided.
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Ilene
1 year ago
I think the correct answers are C) Labour efficiency variance: $ 78 000 A and H) Labour mix variance: $ 63 000 A.
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Deangelo
1 year ago
Wait, is this a trick question? I better double-check my work.
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Nickolas
1 year ago
Yaeko: Thanks, I'll make sure to review everything carefully before submitting my final answer.
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Yaeko
1 year ago
User 2: Don't worry, take your time to double-check. It's important to get it right.
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Ozell
1 year ago
User 1: I think I got the answer wrong. Let me review my calculations.
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Kattie
1 year ago
Ah, a classic cost accounting problem. Time to put my calculator to work!
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Kayleigh
1 year ago
I am going with B and F as the correct statements.
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Frederic
1 year ago
I believe the correct statements are C and G.
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Ludivina
1 year ago
I think the correct statements are A and H.
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Wai
1 year ago
Hmm, this question looks tricky. I'll need to really focus on the details to get this right.
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Weldon
1 year ago
Thanks for the offer, I'll let you know if I need assistance. I'll give it my best shot.
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Esteban
1 year ago
I think I got it, let me know if you need any help understanding the question.
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Esteban
1 year ago
I agree, it's important to pay attention to the details in order to solve this.
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Rex
1 year ago
Yes, I'll need to double check my calculations to make sure I get the correct answers.
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Gussie
1 year ago
Don't worry, just take your time and break it down step by step.
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Lorean
1 year ago
Thanks for the encouragement, I'll give it my best shot.
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Theresia
1 year ago
I think the correct answer for the total labour efficiency variance is option C, $78,000 A.
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Christiane
1 year ago
I agree, it required a good understanding of standard costing and labour variances.
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Theresia
1 year ago
I found the question about variances in the exam quite challenging.
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