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1) When is the labor variance unfavorable? a) When the actual price is greater than the standard price b) When the actual quantity used is greater than the standard quantity c) When the actual price is less than the standard price d) When the actual quantity used is less than the standard quantity.

1) When is the labor variance unfavorable? a) When the actual price is greater than the standard price b) When the actual quantity used is greater than the standard quantity c) When the actual price is less than the standard price d) When the actual quantity used is less than the standard quantity.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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8:20 E Accs 115 final exam (1) 1) When is the labor variance unfavorable? a) When the actual price is greater than the standard price b) When the actual quantity used is greater than the standard quantity c) When the actual price is less than the standard price d) When the actual quantity used is less than the standard quantity. 2) In the production report equivalent consists of a) Beginning WIP plus units completed and transferred out b) Beginning WIP only c) Units completed and transferred out plus ending WIP d) Beginning WIP Plus units completed and transferred out plus ending WIP 3) All factory costs are treated as while all administration costs are treated as a) Period, fixed b) Fixed Period c) Product, Period d) Period, Product II
Transcribed Image Text:8:20 E Accs 115 final exam (1) 1) When is the labor variance unfavorable? a) When the actual price is greater than the standard price b) When the actual quantity used is greater than the standard quantity c) When the actual price is less than the standard price d) When the actual quantity used is less than the standard quantity. 2) In the production report equivalent consists of a) Beginning WIP plus units completed and transferred out b) Beginning WIP only c) Units completed and transferred out plus ending WIP d) Beginning WIP Plus units completed and transferred out plus ending WIP 3) All factory costs are treated as while all administration costs are treated as a) Period, fixed b) Fixed Period c) Product, Period d) Period, Product II
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