When material is purchased B. When material is used in production C. When purchase order is originated D. When material is issued. In a standard cost system,when the materials price variance is recorded at the time the material is purchased, the materials purchase price variance is obtained by multiplying the: A. Actual price by the difference between actual quantity purchased and standard quantity used. Actual quantity purchased by the difference between actual price and standard price.
Standard price by the difference between standard quantity purchased and standard quantity used. Standard quantity purchased by the difference between actual price and standard price. Alyssa Corporation uses a standard cost Questions Courses.
Direct labor information for Product CER Work in process 12, Materials price variance 2, Materials quantity variance 1, Materials 13, Work in process 27, Labor variances 3, Payroll 30, Work in process 51, Labor efficiency variance 1, Payroll 53, Cost of goods sold 92, Finished goods 92, When material is issued Mar 25 PM.
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Review Please. Next Previous. Related Questions. Required: Compute the Questions 1 Select the one best answer to each question. The purpose of a flexible budget is to A. Williams Corporation reports the following direct labor information for November: Standard rate.
Direct Labour Efficiency Variance Direct labor efficiency variance Actual hours worked x Standard rate - Standard hours allowed x Standard rate Furniture manufacturing company presents the following data for the month of December 15, Which one of the following items is ignored when establishing an ideal standard? Cost of materials B. Cost of electricity C. Vacation time D. Belo, Inc. What type of direct material variances for price and quantity will arise if the actual number of pounds of materials used exceeds standard pounds allowed but actual cost is less than standard cost?
Quantity Price A. Favorable Favorable B. Unfavorable Unfavorable C. Favorable Unfavorable D. Unfavorable Favorable The use of material in excess of standard will create an unfavorable usage quantity variance.
If the actual cost of the material is less than standard cost, this gives rise to a favorable price variance. The amount of indirect labor costs included in this planned budget is A.
Carlson Co. Donellan Company has a standard and flexible budgeting system and uses a two variance method of analysis of overhead variances. If the total materials variance actual cost of materials used compared with the standard cost of the standard amount of materials required for a given operation is favorable, why must this variance be further evaluated as to price and usage?
Generally accepted accounting principles require that all variances be analyzed in three stages. All variances must appear in the annual report to equity owners for proper disclosure. Evaluating a favorable variance helps management determine why the variance occurred. The actual and allowed direct labor hours were 52, What was the overapplied underapplied overhead for the period?
Overapplied factory overhead would result if A. The standard direct labor hours allowed for October production were 20, Elgin uses a two-variance analysis of overhead variances. The actual factory overhead that Elgin incurred in October is A. Thomas Company uses a standard cost system. What type of standard cost is the absolute minimum cost possible under the best conceivable operating conditions?
Practical B. Ideal C. Attainable D.
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