1. The standard cost sheet provides

a. the total costs of producing one unit

b. the total costs expected at expect volume of production

c. the total product cost of producing one unit

d. the total cash disbursements to suppliers for a given period

e. None of the above

2. Ideal standards

a. are used only in volume (sales) estimates

b. are demanding but achievable

c. usually result in unfavorable variances

d. All of the above

e. None of the above

3. In process costing, checking totals refers to

a. volume variances are irrelevant

b. Beginning Balance + Current Costs = The Cost allocated to Ending Inventory + Cost allocated to Goods completed

c. kaizen standards

d. variable cost variances

e. None of the above

4. Standard costing systems are used for

a. cost management

b. planning and control

c. decision making

d. All of the above

e. None of the above

5. For direct labor, standard hours allowed is

a. the number of hours budgeted for expected levels of production

b. the number of hours expected to be used for the actual number of units produced

c. the actual number of hours used to produce the actual number of units produced

d. the actual number of hours used for the expected level of production

e. None of the above

6. The direct materials price variance (as discussed in class) is based on

a. the amount of materials used during the period

b. the amount of materials purchased during the period

c. the net increase or decrease in materials in direct materials inventory

d. All of the above

e. None of the above

7. A fixed cost

a. increases in total with increases in volume

b. increases on a per-unit basis with increases in volume

c. decreases on a per-unit basis with increases in volume

d. decreases in total with increases in volume

e. None of the above