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.

a. Actual costs and price paidWhy incorrect: Variance is therefore not the difference between actual…

Answered: Variance means the difference between:…

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter4: Job-order Costing And Overhead Application

Section: Chapter Questions

Problem 12DQ

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Similar questions

Which costs are assigned using the weighted-average method?
How does the target cost method differ from cost-plus approaches?
Under the weighted average method, how are prior-period costs and output treated? How are they treated under the FIFO method?
When should a standard cost variance be investigated?
When will the average unit cost be used for value streams?
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
When is the labor rate 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
What is the direct labor rate variance?
Explain the difference between total variable costs and variable costs per unit.
Assign costs to unitsusing the weighted-averagemethod.
Which of the following best describes a fixed cost? a.Cost representing a fixed proportion of total costs b.Cost directly related to output c.Cost that remains at the same level up to a particular level of output . d.Cost that remains at the same level when output increases.
*Question:** Which method is commonly used in accounting to compare actual costs with standard costs and analyze variances? a) Activity - based costing b) Absorption costing c) Standard costing d) Marginal costing

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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.