The cost price variance is

Q: Define sales volume variance.

A: Sales volume variance (also known as sales quantity variance) occurs when the actual quantity of…

Q: what are the possible causes of favourable Wage rate variance

A: Labor or wage Rate variance: The labor rate variance measures the difference between the actual and…

Q: Which do you think is more important for controlling fixed overhead costs: the spending variance or…

A: (This is not a subjective matter of opinion but rather is based on accounting principles and theory…

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: Explain the difference between the variable and absorption costing methods.

A: Under Variable Costing method, only variable costs are considered which includes only variable cost…

Q: what are the possible causes of adverse Material usage variance

A: The variation in material consumption is determined as the difference between the quantity of actual…

Q: Assign costs to unitsusing the weighted-averagemethod.

A: Cost:   It refers to the economic value incurred by an organization for manufacturing a product or…

Q: What is the interpretation of the direct-material price variance and the direct-material purchase…

A: Definition: Variance: Variance refers to the different levels in the actual cost incurred and…

Q: significant of variance analysis in cost management.

A: Variance analysis is a tool in cost management to compare and analyze variations in budgeted costs…

Q: What is the overall variance in overhead?

A: Overhead refers to secondary expenditures spent during the manufacturing and distribution of…

Q: Explain average cost method.

A: Average cost method: Under average cost method inventories are priced at the average of all…

Q: Explain the term flexible budget variance.

A: Flexible Budget: It is a type of budget that changes based on the volume of business activity.…

Q: What are the relationships among a selling price variance, a sales mix variance, a sales…

A: Definition: Variance: Variance refers to the different levels in the actual cost incurred and…

Q: Explain direct labour efficiency variance.

A: Variance: Variance refers to the difference level in the actual cost incurred and standard cost. The…

Q: MODULE 4 HOMEWORK (MISSED QUESTIONS) For each of the following accounts, place the NUMBER of the…

A: Classified balance sheet: The main elements of balance sheet assets, liabilities, and stockholders'…

Q: Define direct material variance.

A: Variance:   Variance refers to the difference level in the actual cost incurred and standard cost.…

Q: Explain and describe the overhead variance.

A: Variance means when the actual cost does not match with the estimated costs. To compute the…

Q: Define fixed overhead variance.

A: Fixed Overhead Variance is the difference between actual and absorbed fixed production overheads…

Q: What is variable costing?

A: Variable Costing: “Variable costing is a method that allocates only variable manufacturing costs to…

Q: What is the unit product cost under variable costing

A: Variable Cost :— It is the cost that changes with change in units. It is constant in per unit for…

Q: criticly identify the possible causes of labour and material variance

A: Labour Variances: 1. Unskilled or inefficient workers. 2. Unfavourable wage rates. 3. Unexpected…