Chapter 10, Problem 1TF15

1.

To determine

Introduction: Standard costing means the accounting system which is used by manufacturers mainly to identify variances or difference that occur in cost. The difference is identified between actual cost of goods that were manufactured and those cost which should have occurred when actual goods were manufactured.

Raw material cost in company’s planning budget for March.

2.

To determine

Introduction: Standard costing means the accounting system which is used by manufacturers mainly to identify variances or difference that occur in cost. The difference is identified between actual cost of goods that were manufactured and those cost which should have oc mapping the formal plan.

Raw material cost in company’s flexible budget for March.

3.

To determine

Introduction: Standard costing means the accounting system which is used by manufacturers mainly to identify variances or difference that occur in cost. The difference is identified between actual cost of goods that were manufactured and those cost which should have oc mapping the formal plan.

Materials price variance for March.

4.

To determine

Introduction: Standard costing means the accounting system which is used by manufacturers mainly to identify variances or difference that occur in cost. The difference is identified between actual cost of goods that were manufactured and those cost which should have oc mapping the formal plan.

Materials quantity variance for March.

5.

To determine

Introduction: Standard costing means the accounting system which is used by manufacturers mainly to identify variances or difference that occur in cost. The difference is identified between actual cost of goods that were manufactured and those cost which should have oc mapping the formal plan.

Material Price Variance for March if 170,000 of materials was purchased at $7.50 per pound and 160,000 was used in productions.

6.

To determine

Introduction: Standard costing means the accounting system which is used by manufacturers mainly to identify variances or difference that occur in cost. The difference is identified between actual cost of goods that were manufactured and those cost which should have oc mapping the formal plan.

Material Quantity Variance for March if 170,000 of materials was purchased at $7.50 per pound and 160,000 was used in productions.

7.

To determine

Introduction: Standard costing means the accounting system which is used by manufacturers mainly to identify variances or difference that occur in cost. The difference is identified between actual cost of goods that were manufactured and those cost which should have oc mapping the formal plan.

Direct labor cost in company’s planning budget for March.

8.

To determine

Introduction: Standard costing means the accounting system which is used by manufacturers mainly to identify variances or difference that occur in cost. The difference is identified between actual cost of goods that were manufactured and those cost which should have oc mapping the formal plan.

Direct labor cost in company’s flexible budget for March.

9.

To determine

Introduction: Standard costing means the accounting system which is used by manufacturers mainly to identify variances or difference that occur in cost. The difference is identified between actual cost of goods that were manufactured and those cost which should have oc mapping the formal plan.

Labor rate variance for March.

10.

To determine

Introduction: Standard costing means the accounting system which is used by manufacturers mainly to identify variances or difference that occur in cost. The difference is identified between actual cost of goods that were manufactured and those cost which should have oc mapping the formal plan.

Labor efficiency variance for March.

11.

To determine

Introduction: Standard costing means the accounting system which is used by manufacturers mainly to identify variances or difference that occur in cost. The difference is identified between actual cost of goods that were manufactured and those cost which should have oc mapping the formal plan.

Labor spending variance for March.

12.

To determine

Introduction: Standard costing means the accounting system which is used by manufacturers mainly to identify variances or difference that occur in cost. The difference is identified between actual cost of goods that were manufactured and those cost which should have oc mapping the formal plan.

Variable manufacturing overhead cost in company’s planning budget for March.

13.

To determine

Introduction: Standard costing means the accounting system which is used by manufacturers mainly to identify variances or difference that occur in cost. The difference is identified between actual cost of goods that were manufactured and those cost which should have oc mapping the formal plan.

Variable manufacturing overhead cost in company’s flexible budget for March.

14.

To determine

Introduction: Standard costing means the accounting system which is used by manufacturers mainly to identify variances or difference that occur in cost. The difference is identified between actual cost of goods that were manufactured and those cost which should have oc mapping the formal plan.

Variable overhead rate variance for March.

15.

To determine

Introduction: Standard costing means the accounting system which is used by manufacturers mainly to identify variances or difference that occur in cost. The difference is identified between actual cost of goods that were manufactured and those cost which should have oc mapping the formal plan.

Variable overhead efficiency variance for March.

Introduction: Standard costing means the accounting system which is used by manufacturers mainly to identify variances or difference that occur in cost. The difference is identified between actual cost of goods that were manufactured and those cost which should have oc mapping the formal plan.

Variable overhead efficiency variance for March.