A favorable cost variance occurs when:a. actual costs are more than standard costs.b. Standard costs are more than actual costs.c. Standard costs are less than actual costs.d. None of the above.

The correct answer is:b. Standard costs are more than actual costs. Explanation:A favorable cost…

Answered: A favorable cost variance occurs when:…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter8: Standard Costs And Variances

Section: Chapter Questions

Problem 10MC: When is the material quantity variance favorable? A. when the actual quantity used is greater than...

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Similar questions

When is the material price variance unfavorable? A. when the actual quantity used is greater than the standard quantity B. when the actual quantity used is less than the standard quantity C. when the actual price paid is greater than the standard price D. when the actual price is less than the standard price
When is the material price variance favorable? A. when the actual quantity used is greater than the standard quantity B. when the actual quantity used is less than the standard quantity C. when the actual price paid is greater than the standard price D. when the actual price is less than the standard price
When is the labor rate variance unfavorable? A. when the actual quantity used is greater than the standard quantity B. when the actual quantity used is less than the standard quantity C. when the actual price paid is greater than the standard price D. when the actual price is less than the standard price
What are some possible reasons for a material price variance? A. substandard material B. labor rate increases C. labor rate decreases D. labor efficiency
When would a variance be labeled as favorable? (a) When standard costs are less than actual costs (b) When estimated costs are greater than actual costs (c) When actual costs are less than standard costs (d) When standard costs are equal to actual costs.
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When using a standard cost system what term is used to denote that the actual cost is less than the standard cost? Group of answer choices favorable cost variance valid variance unfavorable cost variance none of the above
This term is synonymous with the phrase "what a product should cost"? A. Standard cost B. Variable cost C. Correcting the variances D. Actual cost
When is the direct labor time variance favorable? A. when the actual quantity used is greater than the standard quantity B. when the actual quantity used is less than the standard quantity C. when the actual price paid is greater than the standard price D. when the actual price paid is less than the standard price
Explain why a favorable sales-quantity variance occurs.
Which of the following is NOT true? Multiple Choice An activity variances describes the cost difference due to producing more/less units than expected. An unfavorable expense activity variance is bad. A spending variance can be divided into a price and quantity variance A spending variance describes the cost difference due to spending more/less to make a unit than expected.

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A favorable cost variance occurs when: a. actual costs are more than standard costs. b. Standard costs are more than actual costs. c. Standard costs are less than actual costs. d. None of the above.