5. The difference between the split cost and the actual cost for direct materialsis called the:A) Materials Efficiency VarianceB) Materials Usage VarianceC) Materials Budget VarianceD) Materials Price VarianceE) None of the above

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

Answered: 5. The difference between the split…

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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What effect, if any, would you expect poor-quality materials to hare on direct labor variances?
Which one of the following best describes the direct material price variance? O a. The difference between the standard quantity of material used at the standard cost per unit and the actual quantity of material used at the standard direct material cost per unit O b. The difference between the budgeted material cost and direct material cost according to the unflexed budget O c. The difference between the actual direct material cost and direct material cost according to the flexed budget O d. The difference between the actual cost of the material used and the actual quantity of material used at the standard direct material cost per unit O e. The difference between the actual cost of the material used and the standard quantity of material used at the actual direct material cost per unit
Please do not give solution in image format thanku
Which of the following is a correct equation to calculate the fixed overhead production-volume variance? a. budgeted fixed overhead costs − fixed overhead costs allocated for actual output b. static budget amount − flexible budget amount c. actual costs incurred − fixed overhead costs allocated for actual output d. flexible budget amount − actual costs incurred
Which one is the correct answer?
Here are the questions from my study material. Question included in the attached image. _________________ What were the price and quantity variances for direct material, respectively? What were the rate and efficiency variances for direct labour, respectively?
Which of the following statements Is true? Multiple Choice The material quantity variance is recorded when overhead is applied to production. The material price and the material quantity variances are recorded at the same time., The materials quantity variance is recorded when materials are used in production. The materials quantity variance is recorded when materials are purchased.
The following direct materials and direct labor data pertain to the operations of Sandhill Company for the month of August. Costs Actual labor rate Actual materials price Standard labor rate Standard materials price $13 $120 $12.50 $124 Quantities per hour per ton per hour per ton Actual hours incurred and used Actual quantity of materials purchased and used Standard hours used Standard quantity of materials used 4,900 hours 2,000 tons 4,960 hours 1,990 tons
a. Direct materials price variance Unfavorable b. Direct materials quantity variance Favorable c. Direct materials cost variance Unfavorable
The standard price for direct materials is used in the calculation of which variances ? Neither the price variance nor the quantity variance The quantity variance but not the price variance Both the price variance and the quantity variance The price variance but not the quantity variance
а. Standard Cost per Unit for Direct Materials and Direct Labor b. Direct Materials Price Variance Wrong Direct Materials Quantity Variance Wrong Total Direct Materials Cost Variance Wrong с. Direct Labor Rate Variance Wrong Direct Labor (Time) Efficiency Variance Wrong Total Direct Labor Cost Variance Wrong

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5. The difference between the split cost and the actual cost for direct materials is called the: A) Materials Efficiency Variance B) Materials Usage Variance C) Materials Budget Variance D) Materials Price Variance E) None of the above