A、Material price variance
B、Material quantity variance
C、Variable overhead spending variance
D、Fixed overhead budget variance
A、Material price variance
B、Material quantity variance
C、Variable overhead spending variance
D、Fixed overhead budget variance
A、5,250 hours
B、5,425 hours
C、5,800 hours
D、5,975 hours
A、Standards should be designed to encourage efficient future operations, not just a repetition of past inefficient operations.
B、The standard quantity per unit for direct materials should reflect the amount of material required for each unit of finished product, as well as an allowance for unavoidable waste, spoilage, and other normal inefficiencies.
C、The price standard for variable manufacturing overhead comes from the variable portion of the predetermined overhead rate.
D、The standard rate per hour for direct labor includes only wages earned.
A、$5,280 F
B、$5,280 U
C、$6,912 F
D、$6,912 U
Answer the following four questions. Haliburton Mills, Inc. is a large producer of men’s and women’s clothing. The company uses standard costs for all of its products. The standard costs and actual costs for a recent period are given below (Exhibit 1) for one of the company’s product lines (per unit of product): During this period, the company produced 4,800 units of product. A comparison of standard and actual costs for the period on a total cost basis is given below (Exhibit 2). There was no inventory of materials on hand to start the period. During the period, 21,120 metres of material were purchased and used in production. The denominator level of activity for the period was 6,860 hours. Exhibit 1Exhibit 2What is the direct material price variance for the period?
A、$5,280 F
B、$5,280 U
C、$6,912 F
D、$6,912 U
A、Most companies compute the materials price variance when materials are used.
B、They calculate the materials quantity variance after materials are purchased in production.
C、Delaying the computation of the price variance until the materials are used would result in less timely variance reports.
D、Computing the price variance when the materials are purchased allows materials to be carried in the inventory accounts at their standard cost
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