True or False: Price and efficiency variances can be computed without using standard costs. True False
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True or False: Price and efficiency variances can be computed without using standard costs. True False
True or False: Price and efficiency variances can be computed without using standard costs. a. True b. False True or False: In general, when two users share a facility such as a mailroom, the primary user would prefer that the common costs be allocated under the incremental method. a. True b. False
Managers have more control over efficiency variances than over price variances True or False?
1-Setting standard costs is relatively simple because it is done entirely by accountants. True or False 2-Ideal standards will generally result in favorable variances for the company. True or False 3-If actual costs are less than standard costs, the variance is favorable. True or False 4-The materials price variance is normally caused by the production department. True or False 5-In using variance reports, top management normally looks carefully at every variance. True or False
True or False a. An FFT can be computed using only real values, yet there will be aliasing of the frequency spectrum b. An FFT applied to time varying values outputs a frequency spectrum c. The FFT is a discrete Fourier transform because the input is discrete samples taken at uneven intervals
1. Compute the price and quantity variances for direct materials. Compute the rate and efficiency variances for direct labor. Does the pattern of variances suggest that the company's managers have been making trade-offs? Explain. 2, Bargain Guard, which used a standard cost accounting system, manufactured 200,000 boat fenders during the year, using 1,250,000 feet of extruded vinyl purchased at $1.40 per foot. Production required 4,000 direct labor hours that cost $14.50 per hour. The materials standard was 6 feet of...
True or false? When the population variances are known, the test statistic that we use to compare two population means using two independent samples follows the standard normal distribution. True or false? A paired t-test with two columns of 8 observations in each column should use d.f =7
Mastery Problem: Manufacturing Cost Variance (Actual Costs Compared to Standard Costs) Manufacturing cost variances may come from material costs that are higher or lower than expected, material usage that is not what was expected, higher or lower labor costs than expected, or more or less time spent to produce an item than expected. Overhead cost and volume variances are another cause for costs to be higher or lower than what was expected. The total manufacturing variance can be broken down...
If the overhead rate is computed annually based on the actual costs and activity for the year, the manufacturing overhead assigned to any particular job can be computed as soon as the job is completed True or False True False
17. Planning to purchase purchase materials in bulk amounts will affect the standard price for direct Select one: True X False di amount of direct materials purchased is usually equal to the amount of direct materials used in production that period. Select one: a True False 19. In what terms are standard variable overhead application rates (SR) stated? a. Per dollar b. Per direct labor hour c. Per unit of product d. Per month 20. The formula (Actual Price -...
Mastery Problem: Manufacturing Cost Variance (Actual Costs Compared to Standard Costs) Manufacturing cost variances may come from material costs that are higher or lower than expected, material usage that is not what was expected, higher or lower labor costs than expected, or more or less time spent to produce an item than expected. Overhead cost and volume variances are another cause for costs to be higher or lower than what was expected. The total manufacturing variance can be broken down...