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 accounting
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 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.
b. Calculate the profit variance c. Calculate the total revenue variance. d) Calculate the revenue volume variance. e) Calculate the revenue price variance. f) Calculate the total cost variance.
None
Which of the following statements is (are) true? (A) A price standard is the price that should be paid per the unit of output. (B) A quantity standard is the amount of input that should go into a single unit of the output
The sum of the material price variance (calculated at point of purchase) and material quantity variance equals the total cost variance.

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