Material volume (quantity) variance is the difference between:a) Standard price x (Standard quantities - actual quantities)b) Standard price x (Standard quantities + actual quantities)c) Standard price x Standard quantities - actual quantitiesd) Standard price x Standard quantities - actual quantities x actual price

The correct answer is:a) Standard price x (Standard quantities - Actual quantities) Explanation:The…

Answered: Material volume (quantity) variance is…

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 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
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 quantity 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 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 is less than the standard price
Variance means the difference between: a. actual costs and price paid. b. actual costs and opportunity costs. c. actual costs and past costs. d. actual costs and estimated costs.
Cost Account
Which of the following is the correct formula for the direct materials quantity variance? O a. (Actual Quantity - Actual Price) - (Standard Quantity Standard Price) O b. (Actual Quantity- Standard Quantity) * Actual Price O c. (Actual Price - Standard Price) × Actual Quantity O d. (Actual Quantity - Standard Quantity) x Standard Price
General Account
Subject - General account
Cost accounting
The general model for calculating a quantity variance is: Multiple Choice O Actual price x (Actual quantity of inputs used - Standard quantity allowed for output). (Actual quantity of inputs used × Actual price) - (Standard quantity allowed for output x Standard price). Actual quantity of inputs used x (Actual price - Standard price). Standard price x (Actual quantity of inputs used - Standard quantity allowed for output).
Question: What is the formula for computing direct materials price variance? a. actual costs - (actual quantity X standard price) b. actual cost + standard costs c. actual cost - standard costs d. (actual quantity X standard price) - standard costs

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