Material Cost Variance can be segregated between: a. Mix Variance and Yield Variance b. Usage Variance and Mix Variance c. Price Variance and Usage Variance d. None of the options

Q: The flexible budget variance for fixed overhead is known as the   A.) Static budget variance. B.)…

A: Flexible budget variance for fixed overhead is the difference between Actual fixed overhead and…

Q: Determine the following: Price-Quantity variance Cost variance Cost-Quantity variance

A: A) Price quantity variance =   ( Units sold in 2021-units sold in 2020)/ Rate per unit of 2020…

Q: Material purchase price variance Material price usage variance Material quantity variance Labor rate…

A: Material Price Variance = ( Standard Price - Actual Price ) x Actual Quantity Material Price usage…

Q: Which of the following is FALSE regarding variances? O A favorable variance, when it occurred, are…

A: The method of costing used to determine deviations is referred to as standard costing. The standard…

Q: What is the direct labor (a) rate variance, (b) time variance, and (c) cost variance? Round your…

A: Formula: Direct Labor Rate Variance= (SR-AR)AT Direct Labor Time Variance= (ST-AT)SR Direct Labor…

Q: The benchmark subtracted from the actual account expense is known variance

A: Benchmark represents the standard set by the company to be achieved in the future. The variance…

Q: The following are seven technical terms introduced in this chapter. Spending variance Materials…

A:

Q: Required: a. Determine the direct materials price variance, direct materials quantity variance, and…

A: Standard costing: Standard costing consists of the setting of the predetermined estimate of costs…

Q: Explain the meaning of the joint price-quantity variance.

A: Joint price-quantity variance: Variances are the difference between the actual results and the…

Q: When using a standard cost system what term is used to denote that the actual cost is less than the…

A: Standard cost is calculated using estimated amounts. If the actual cost is less than the standard…

Q: When using a standard cost system what term refers to the differences between actual and standard…

A: Difference of actual and standard cost is measured to calculate the variance. The variances of cost…

Q: b) Why are separate price and quantity variances computed?

A: Variances is a word used for finding out the difference between the actual and standard levels set…

Q: The materials price variance should be computed when materials are purchased. Group of answer…

A: Variance: The difference between the actual cost or price and the budgeted (standard) cost or price…

Q: Explain why a favorable sales-quantity variance occurs.

A: Explain the reason for the occurrence of favorable sales quantity variance:When actual sales exceed…

Q: 1 F or 11,111 U Total gross profit variance = Price varianc

A: Price variance refers to the actual unit cost of an item bought deducted from its standard cost and…

Q: Explain the difference between a favorable and an unfavorable variance.

A: Variance: The term variance is used under standard costing system. Variance is actually the…

Q: b. Determine the direct materials price variance, direct materials quantity variance, and total…

A: a) Calculation of Direct material standard cost per unit: Standard number of lb. of brass per faucet…

Q: Why are separate price and quantity variances computed?

A:

Q: 1) When is the labor variance unfavorable? a) When the actual price is greater than the standard…

A: AN UNFAVORABLE LABOR VARIANCE MEANS THAT YOU HAVE PAID WORKER'S MORE THAN ANTICIPATED AND THIS IS…

Q: Direct Materials and Direct Labor Variance Analysis Shasta Fixture Company manufactures faucets in a…

A: Requirement a: Compute the following: (i) Direct material standard cost per faucet. (ii) Direct…

Q: Total gross profit variance = Price variance =  Price-Quantity variance =  Cost variance =…

A: Variance is the deviation between actual figures and budgeted figures. If the deviation or change is…

Q: A statistical control chart is best used for determining: A. direct-material price variances. B.…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: Considering the variance analysis, which of the following statements is true?

A: Variance analysis is the analysis which is the analysis only possible when the company has a…

Q: Compute for the following: Sales price variance Cost price variance Quantity variance Format:…

A: Variance is calculated for comparing results either between two years or between budget and actuals.…

Q: 2 no Question Requirement: Compute the following: (i) Material price Purchase variance (ii)…

A: "Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: ne following:

A: The variances are given as,

Q: Distinguish between a favorable variance and an unfavorable variance.

A: Favorable Variance: Favorable variance is the variation in the actual and planned output which is…

Q: When management uses variance reports to evaluate cost control, they look into which of the…

A: Standard costing means where standard is set for various cost element and actual cost is then…

Q: Material purchase price variance material usage/quantity variance Labor rate variance

A: Hi student Since there are multiple subparts, we will answer only first three subparts. If you want…

Q: The cost price variance is

A: Cost price variance refers to the difference between the actual cost and standard cost of units.…

Q: When is the direcet labor time variance unfavorable? A. when the actual quantity used is greater…

A: Direct Labor Rate Variance: The difference between the actual cost of direct labor and the standard…

Q: A D 1 Chapter 09: Applying Excel 2 3 Data Exhibit 9-8: Standard Cost Card 4 Inputs Standard Quantity…

A: Direct Material price variance = (Actual price per pound - Standard price per pound)*Actual quantity…

Q: Cost Price Variance E.) Cost Volume Variance F.) Total Gross Profit Variance G.) Price Variance H.)…

A: The calculation of different variances and analysis if favourable or unfavourable are shown…

Q: Each of the following statements is correct regarding overhead variances except: a. Actual overhead…

A: Statements about overhead variances are correct that are: Actual overhead greater than applied…

Q: Materials mix variance B. Materials yield variance

A: Material Mix Variance = SP( RSQ - AQ)  SP means Standard price  RSQ means Revised Standard quantity…

Q: Which of the following set of terms describes the same type of variance?       Price variance, rate…

A: The variance is calculated as difference between the actual results and standard output.

Q: The sales price factor shows a variance of * D

A: Variance caused by selling price in total sales is known as sales price Variance.   Formula:  Sales…

Q: The Flexible-Budget Variance is the sum of   a. The static-budget variance and the sales-volume…

A: Flexible-Budget Variance = Actual results - Flexible results

Q: The sales price factor shows a variance of

A: Sales price variance is the variance how much the deviation has been made during the year. It means…

Q: Help question 26

A: False. Price variance is the difference between the Standard price of the input and actual price of…

Q: Which of the following variances cannot occur together during the same accounting period? Select…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: Determine the following variances: Do not use negative signs with any of your answers. Next to each…

A: Variances are the deviation in the actual and budgeted value.in the terms of companies operation it…

Q: Comment on the statement “A favourable variance is always better than an adverse variance” by…

A: Variance is the difference between actual numbers and budgeted numbers. Variance can be favourable…

Q: a. Determine the direct materials price variance, direct materials quantity variance, and total…

A: Variances These  are the differences between actual results for actual level of activity and the…

Q: Which of the following is FALSE regarding variances? O A favorable variance, when it occurred, are…

A: Standard costing refers to the method of costing used to find out the variances. Standard overhead…

Q: Which of the following underlying assumptions form(s) the basis for gross profit variance analysis?…

A: Gross profit is the difference between the sales revenue and cost of goods sold. Gross profit…

Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance. 

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.