A variance is: Question 6 options: The difference between actual and standard costs or quantities The...
A variance is:
Question 6 options:
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The difference between actual and standard costs or quantities |
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The amount awarded to workers in labor rate disputes |
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The square of the standard deviation of wage rates from their average |
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A settlement with a materials vendor in a price dispute over an account payable for material purchases |
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A variance is: Question 6 options: The difference between actual and standard costs or quantities The...
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...
Mastery Problem: Manufacturing Cost Variance (Actual Costs Compared to Standard Costs) Manufacturing cost variances may come...
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...
_ 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
Mastery Problem: Manufacturing Cost Variance (Actual Costs Compared to Standard Costs) Manufacturing cost variances may come...
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...
Black and Decker Corporation has the following information is for their standard and actual costs: Standard...
Black and Decker Corporation has the following information is for their standard and actual costs: Standard Costs: Budgeted units of production - 9,000 (100% of capacity) Standard material per unit - 12 lbs. Standard material cost - $14.00 per pound Standard labor hours per unit - 12 Standard labor rate - $29.00 per hour Standard variable overhead rate - $7.50 per labor hour Budgeted fixed overhead - $729,000 Fixed overhead rate is based on budgeted labor hours at 100% capacity...
mula to compute the direct labor rate variance is to calculate the difference between a. Actual...
mula to compute the direct labor rate variance is to calculate the difference between a. Actual Costs + (Actual Hours x Standard Rate) b. Actual Costs - Standard Costs c. (Actual Hours x Standard Rate) - Standard Costs d. Actual Costs - (Actual Hours Standard Rate)
Prime costs for Teagan's Toys to produce ping pong nets for table tops are: Actual materials...
Prime costs for Teagan's Toys to produce ping pong nets for table tops are: Actual materials purchases 320,000 pounds for $1,241,600 Actual cost (to produce 38.000 units): Direct materials 285,000 pounds Direct labor 84% of $180,000 labor costs 100,000 direct labor hours Standard cost (to produce 1 unit): Direct materials 8.5 pounds @ $3.60/pound Direct labor 25 hour @ $16/hour REQUIREMENTS Compute the following variances and indicate favorable or unfavorable. a. Direct Material Price Variance b. Direct Material Quantity Variance...
Prime costs for Teagan's Toys to produce ping pong nets for table tops are: Actual materials...
Prime costs for Teagan's Toys to produce ping pong nets for table tops are: Actual materials purchases 320,000 pounds for $1,241,600 Actual cost (to produce 38,000 units): Standard cost (to produce 1 unit): Direct materials Direct materials 285,000 pounds 8.5 pounds @ $3.60/pound Direct labor Direct labor 84% of $180,000 labor costs .25 hour @ $16/hour 100,000 direct labor hours REQUIREMENTS Compute the following variances and indicate favorable or unfavorable. a. Direct Material Price Variance b. Direct Material Quantity Variance...
E9-13 Determining Actual Costs, Standard Costs, and Variances [LO 9-3, 9-4] Amber Company produces iron table...
E9-13 Determining Actual Costs, Standard Costs, and Variances [LO 9-3, 9-4] Amber Company produces iron table and chair sets. During October, Amber's costs were as follows: Actual purchase price Actual direct labor rate Standard purchase price Standard quantity for sets produced Standard direct labor hours allowed Actual quantity purchased in October Actual direct labor hours Actual quantity used in October Direct labor rate variance $ 3.20 per lb $ 8.40 per hour $ 3.00 per lb. 1,060,000 lbs 21,000 1,365,000...
The following information is for the standard and actual costs for the Happy Corporation: Enter favorable...
The following information is for the standard and actual costs for the Happy Corporation: Enter favorable variances as negative numbers. Standard Costs: Budgeted units of production - 16,000 [80% (or normal) capacity] Standard labor hours per unit - 4 Standard labor rate - $26 per hour Standard material per unit - 8 lbs. Standard material cost - $12 per pound Standard variable overhead rate - $15 per labor hour Budgeted fixed overhead - $640,000 Fixed overhead rate is based on...
_ 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
mula to compute the direct labor rate variance is to calculate the difference between a. Actual Costs + (Actual Hours x Standard Rate) b. Actual Costs - Standard Costs c. (Actual Hours x Standard Rate) - Standard Costs d. Actual Costs - (Actual Hours Standard Rate)
Prime costs for Teagan's Toys to produce ping pong nets for table tops are: Actual materials purchases 320,000 pounds for $1,241,600 Actual cost (to produce 38.000 units): Direct materials 285,000 pounds Direct labor 84% of $180,000 labor costs 100,000 direct labor hours Standard cost (to produce 1 unit): Direct materials 8.5 pounds @ $3.60/pound Direct labor 25 hour @ $16/hour REQUIREMENTS Compute the following variances and indicate favorable or unfavorable. a. Direct Material Price Variance b. Direct Material Quantity Variance...
E9-13 Determining Actual Costs, Standard Costs, and Variances [LO 9-3, 9-4] Amber Company produces iron table and chair sets. During October, Amber's costs were as follows: Actual purchase price Actual direct labor rate Standard purchase price Standard quantity for sets produced Standard direct labor hours allowed Actual quantity purchased in October Actual direct labor hours Actual quantity used in October Direct labor rate variance $ 3.20 per lb $ 8.40 per hour $ 3.00 per lb. 1,060,000 lbs 21,000 1,365,000...
The following information is for the standard and actual costs for the Happy Corporation: Enter favorable variances as negative numbers. Standard Costs: Budgeted units of production - 16,000 [80% (or normal) capacity] Standard labor hours per unit - 4 Standard labor rate - $26 per hour Standard material per unit - 8 lbs. Standard material cost - $12 per pound Standard variable overhead rate - $15 per labor hour Budgeted fixed overhead - $640,000 Fixed overhead rate is based on...
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