17) A favorable direct material price variance occurs when the actual rate of direct materials is _____. Equal to the standard rate of direct materials Less than the standard previous year of direct materials Less than the standard rate of direct materials Higher than the standard rate of direct materials

Q: None

A: A. Fixed overhead volume varianceThe fixed overhead volume variance, which describes the capacity…

Q: Describe three reasons for an unfavorable direct manufacturing labor efficiency variance.

A: Direct Labor Efficiency Variance: Direct labor efficiency variance is the variation in the actual…

Q: een the actual price and the standard price, multip

A: Material price variance is the differnece between actual price and standadard price multiplied…

Q: 5. The difference between the split cost and the actual cost for direct materials is called the: A)…

A: Analyzing cost variations is essential to managerial accounting in order to comprehend the efficacy…

Q: Casino Pest Control (CPC) provides services to residential households by an application of a special…

A: Material cost variance is the difference of standard cost of the product and actual cost of the…

Q: The material price variance is computed by multiplying the difference between the actual price and…

A: GIVEN   Material Price Variance is the difference between the actual cost of Material purchased and…

Q: The standard cost of product B manufactured by Coronado Company includes 3 units of direct materials…

A: Material price variance is computed when material is purchased. Material price variance  is…

Q: An unfavorable materials quantity variance occurs when the actual quantity used in production is…

A: The Correct answer is False

Q: Critically identify the possible causes of the labour and material variances based on obtained…

A: Material usage variance means when actual quantity of material used is more than standard quantity…

Q: nesville Corporation manufactures and sells a preservative used in food and drug manufacturing. The…

A: Solution: Variances are the differences in actual results and standard set for those actual results.…

Q: Variances, Entries, and Income Statement A summary of Martindale Company's manufacturing variance…

A: Direct costs are the expenses that are directly used for the production of goods and services for…

Q: Use the information provided below to calculate the following variances for May 2021. Each answer…

A: Standard cost means the cost which the company is expecting to be incurred on the basis of estimate…

Q: Question b Which of the following is a possible cause of an unfavourable materials quantity…

A: Use of inferior raw materials.Explanation:The materials quantity variance measures the difference…

Q: Assume the labor rate variance is $400 unfavorable and the labor spending varlance is $200…

A: Solution. Labor rate variance = $400 Unfavorable  Labor spending variance = $200 Unfavorable  Labor…

Q: Required: a. Determine the standard cost per faucet for direct materials and direct labor. Round the…

A: Formula: 1.Material Quantity Variance= [(Standard Quantity-Actual Quantity)*Standard Cost]…

Q: Data table Sales Variable Manufacturing Direct Materials Direct Labor (1,025 recliners x $500 each)…

A: A budget is a forecast of revenue and expenses for a certain future period of time that is generally…

Q: Losts Actual labor rate Actual materials price Standard labor rate Standard materials price $12 per…

A: Lets understand the basics.Total Material Variance :— It is the difference between standard cost of…

Q: base chemical into plastic. Standard costS and actual costs labor, and factory overn for the…

A: Direct material price variance =(Standard rate -Actual rate ) × Actual quantity=($4.80-$4.60) ×…

Q: An unfavorable materials quantity variance indicates that: Multiple Choice standard material price…

A: Unfavorable materials quantity variance means materials has been used more than what was estimated.…

Q: At the beginning of the year, you estimated the following - Production - 75,000 units Raw Material -…

A: Standard price = Estimated Raw material cost / Estimated units Raw material efficiency variance =…

Q: What would cause an unfavorable price variance? When the actual usage is greater than the standard…

A: The price variance is calculated by the formula: Where,

Q: the material cost variance of a company indicates a large favorable material price variance and a…

A: Material cost variance is a measure used in management accounting to determine the difference…

Q: 5J A favorable direct materials price vVariance coupled with an unfavorable materials usage variance…

A: The materials usage variance is said to be favorable when SQ of materials is more than the actual…

Q: The following information describes production activities of Mercer Manufacturing for the year:…

A: Variances are an important part of cost control and performance evaluation in the company. Favorable…

Q: Fixed overhead volume variance is a flexible budget variance. O True False

A: Fixed overheads are those indirect costs which will not change with change in activity level. These…

Q: 75,000 al - 270,000 pounds at a cost of $1,026,000 - 187,500 hours at a cost of $4,125,000 erhead -…

A: Ans. For Raw Material Price Variance we need to compare the price of raw material per unit between…

Q: Variances are computed by taking the difference between which of the following? Multiple Choice O…

A: Product costs are the costs that are directly related to the production of goods or services. Period…

Q: Antuan Company set the following standard costs per unit for its product. Direct materials (4.0…

A: Direct material price variance = AQ x (SP - AP) Direct material quantity variance = SP x (SQ - AQ)…

Q: Indicate whether each statement is true or false. a) DM quantity variance is favorable when the…

A: "Since you have asked multiple questions, we will solve first question for you. If you want any…

Q: 55. When the actual price paid on credit for a raw material is less than its standard price, the…

A: Journal Entry :— It is an act of recording transaction in books of account when transaction…

Q: Premium Fender, which uses a standard cost system, manufactured 20,000 boat fenders during 2024,…

A: Direct material variance are of 2 types :- 1. Direct material quantity variance. 2. Direct material…

Q: If variable manufacturing overhead is applied to products on the basis of standard direct…

A: Labor efficiency variance = (Actual hours worked - Standard hours allowed)*Standard labor rate per…

Q: Identify the statement related to controllable variance. Statement           1: General increase in…

A: Controllable Variance: It is a combination of variable and fixed overhead variances which management…

Q: Most companies compute the materials price variance when materials are purchased. Group of choices…

A: SOlution: True. This is because Most companies compute the materials price variance when materials…

Q: The total manufacturing cost variance is a.the flexible budget variance plus the time variance b.the…

A: Variance means difference between standard cost of producing goods and actual cost of producing same…

Q: hich of the following factor may not be included in the computation of the total materials variance?…

A: Formula Total Material variance = (Standard cost of material allowed for actual output) – (Actual…

Q: Which of the following is a TRUE statement about the variable overhead efficiency variance when the…

A: Variable overhead efficiency variance  Variable overhead variance refers to the distinguished…

Q: A favorable direct materials price variance and an unfavorable direct materials quantity variance…

A: Direct Material Price Variance = Actual Quantity Purchased x (Standard Price - Actual Price) If…

Q: Obj. 1, 2, 3 I Love My Chocolate Company makes dark chocolate and light chocolate. Both products…

A: Material price variance:It is a variance between the standard price at which material should be…

Q: Lucia Company has set the following standard cost per unit for direct materials and direct labor.…

A: Note : The variance is the difference between actual data and standard production data. The…

Q: K Purchasing a greater quantity of raw materials than budgeted, but paying the Standard OA.…

A: Variance analysis is the difference between the standard performance and the actual performance,…

Q: 19. An adverse material usage variance together with a favourable materials price variance could…

A: The answer is Option (a)  [i.e, We are paying less for our materials than expected but we are using…