Question text Which term describes difference between the actual price of inputs and the standard price...
Question text Which term describes difference between the actual price of inputs and the standard price of inputs?
Select one:
A. Standard cost variance
B. Materials price index
C. Price variance
D. Inflation index adjustment
Homework Answers
OPTION: Price variance
EXPLANATION:
Material price variance = actual quantity x (standard price - actual price)
Add Answer to:
Question text Which term describes difference between the actual
price of inputs and the standard price...
17. When computing variances, the difference between standard price multiplied by actual quantity yields a(n): A....
17. When computing variances, the difference between standard price multiplied by actual quantity yields a(n): A. flexible budget B. planning budget C. actual results D. all of these E. none of these 18. When computing standard cost variances, the difference between actual and standard prices yields a(n): A. actual results B. volume variance C. price variance D. quantity variance E. none of these
Caps L Shift 29. The difference between the split cost and the standard cost for direct...
Caps L Shift 29. The difference between the split cost and the standard cost for direct materials is called the Select one a Materials Price Variance b Materials Usage Variance eMaterials Eficiency Variance d. Materials Budget Variance e None of the above 30. Which of the following could cause a variable overhead flexible budget variance? a Varlable overhead costs being greater than expected for the given driver usage Select one: b. Variable overhead costs being less than expected for the...
24. Standard costing can be used to apply costs for which of the following? Select one...
24. Standard costing can be used to apply costs for which of the following? Select one Direct Materials b. Direct Labor Indirect Materials and Indirect Labor c d. Factory Utilities All of the above can be applied using standard costing a. Tab e 25. Reasons for using standard costing include their usefulness in: Select one: Caps L a. Preparing flexible budgets b. Preparing master budgets c Establishing selling prices d. Preparing performance reports e All of the above Shift 1...
25. Reasons for using standard costing include their usefulness in: Select one: a. Preparing flexible budgets...
25. Reasons for using standard costing include their usefulness in: Select one: a. Preparing flexible budgets b. Preparing master budgets C. Establishing selling prices d. Preparing performance reports e. All of the above 26. The standard direct material cost is equal to: Select one: a. Standard quantity * Actual price b. Actual quantity Standard price c. Actual quantity - Actual price d. Standard quantity Standard price e. None of the above 27. Which of the following accurately represents the "split...
A variance is: Question 6 options: The difference between actual and standard costs or quantities The...
A variance is: Question 6 options: The difference between actual and standard costs or quantities The amount awarded to workers in labor rate disputes The square of the standard deviation of wage rates from their average A settlement with a materials vendor in a price dispute over an account payable for material purchases
Variance means a. difference between standard or applied amount and actual amount b. actual costs less...
Variance means a. difference between standard or applied amount and actual amount b. actual costs less actual rates c. standard costs less standard rates d. square root of standard deviation 2. Table Manufacturing Company produces one style of tables. The following data pertain to producing one table Planned production/month units (one table) 90 Piece of woods (M) 20 Estimated M price $40 Actual production Quantity purchased (QP) 22 Find actual price (AP) x Assuming that the manager wants the total...
_ 16. The total manufacturing cost variance is a. the difference between actual costs and standard...
_ 16. The total manufacturing cost variance is a. the difference between actual costs and standard costs for units produced b. the flexible budget variance plus the time variance c. the difference between planned costs and standard costs for units produced d. None of these choices
Which of the following is the difference between the actual cost of materials and the materials...
Which of the following is the difference between the actual cost of materials and the materials cost allowed for the actual level of activity? a.Total materials margin b.Total materials variance c.Total materials regression d.Total materials cost e.None of these choices are correct.
The difference between the actual cost of the input and its planned cost is the total...
The difference between the actual cost of the input and its planned cost is the total budget variance. the usage variance. the price variance. the efficiency variance. the budget variance. 4.5 points Save Answer QUESTION 17 O The labor efficiency variance is calculated by the equation (Standard Hours' Actual Hours) - (Actual Hours 'Standard Rate). (Actual Rate' Actual Hours) - (Standard Rate' Actual Hours). (Actual Hours 'Standard Rate) - (Standard Hours 'Standard Rate). (Standard Hours' Actual Rate) - (Actual
Question text DIRECT LABOR VARIANCE ANALYSIS ON PRODUCTION OF SHIRTS: Information Standard Actual Direct material price...
Question text DIRECT LABOR VARIANCE ANALYSIS ON PRODUCTION OF SHIRTS: Information Standard Actual Direct material price per yard $5.00 $5.20 Direct material quantity (yards) 1,000 990 Direct labor rate per hour $10.00 $9.75 Direct labor hours 1,750 1,700 Units produced 2000 1990 Calculate the Direct Labor Time Variance (select from each drop down box): Direct Labor TIME VARIANCE Calculation (Fav)/Unfav Actual DL hours Choose...9901,7002,0001,9901,0001,750 - Standard DL hours -Choose...9901,7002,0001,9901,0001,750 DL hours difference 10(50)50(10) Choose...UnfavorableFavorable x Standard DL rate per hour...
17. When computing variances, the difference between standard price multiplied by actual quantity yields a(n): A. flexible budget B. planning budget C. actual results D. all of these E. none of these 18. When computing standard cost variances, the difference between actual and standard prices yields a(n): A. actual results B. volume variance C. price variance D. quantity variance E. none of these
Caps L Shift 29. The difference between the split cost and the standard cost for direct materials is called the Select one a Materials Price Variance b Materials Usage Variance eMaterials Eficiency Variance d. Materials Budget Variance e None of the above 30. Which of the following could cause a variable overhead flexible budget variance? a Varlable overhead costs being greater than expected for the given driver usage Select one: b. Variable overhead costs being less than expected for the...
24. Standard costing can be used to apply costs for which of the following? Select one Direct Materials b. Direct Labor Indirect Materials and Indirect Labor c d. Factory Utilities All of the above can be applied using standard costing a. Tab e 25. Reasons for using standard costing include their usefulness in: Select one: Caps L a. Preparing flexible budgets b. Preparing master budgets c Establishing selling prices d. Preparing performance reports e All of the above Shift 1...
25. Reasons for using standard costing include their usefulness in: Select one: a. Preparing flexible budgets b. Preparing master budgets C. Establishing selling prices d. Preparing performance reports e. All of the above 26. The standard direct material cost is equal to: Select one: a. Standard quantity * Actual price b. Actual quantity Standard price c. Actual quantity - Actual price d. Standard quantity Standard price e. None of the above 27. Which of the following accurately represents the "split...
_ 16. The total manufacturing cost variance is a. the difference between actual costs and standard costs for units produced b. the flexible budget variance plus the time variance c. the difference between planned costs and standard costs for units produced d. None of these choices
The difference between the actual cost of the input and its planned cost is the total budget variance. the usage variance. the price variance. the efficiency variance. the budget variance. 4.5 points Save Answer QUESTION 17 O The labor efficiency variance is calculated by the equation (Standard Hours' Actual Hours) - (Actual Hours 'Standard Rate). (Actual Rate' Actual Hours) - (Standard Rate' Actual Hours). (Actual Hours 'Standard Rate) - (Standard Hours 'Standard Rate). (Standard Hours' Actual Rate) - (Actual
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