1. Standard costs are usually determined for a period of one year and should be revised annually but never sooner even if it is determined the standard cost is not accurate. True or False

4. Companies also use nonfinancial performance measures to evaluate operations such as:

		a $70 million increase in domestic air traffic for an airline
		the average wait time compared to the standard wait time at a fast-food drive-through window.
		a $500 favorable labor rate variance at a manufacturing facility
		a $1,000 unfavorable materials quantity variance at a manufacturing facility

14. Variances between actual and standard costs are usually determined at the end of each month but if a manufacturer wants to correct inefficiencies in a more timely manner, they should calculate variances more frequently (such as weekly or even daily). True or false

15. Thomas Company uses a standard cost system and recognizes the materials purchase price variance at the time materials are purchased. Information for raw materials for Product RBI for the month of October follows:

Standard unit price	$1.75
Actual purchase price per unit	$1.65
Actual quantity purchased	4,000	units
Actual quantity used	3,900	units
Standard quantity allowed for actual production	3,800	units

What is the materials quantity variance?

formCheckList.addElement(new Check_Answer({ref_label:"15",name:"mc-ans-_6527773_1"}));		$175 unfavorable
		$165 unfavorable
		$175 favorable
		$165 favorable