Question
A material variance account balance at the end of the year should be: O a. Apportioned among the Work in Process Inventory, Finished Goods
A material variance account balance at the end of the year should be: O a. Apportioned among the Work in Process Inventory, Finished Goods Inventory, and Cost of Goods Sold accounts. O b. Added to cost of goods sold in the income statement. c. Shown as other income in the income statement. O d. Carried forward to the next fiscal year. In establishing standard costs for labor, management must look at all of the following except: a. The wage rate of a direct laborer. O b. Time allowed to produce each product. c. The quantity of materials for each product. O d. Direct labor requirements for each product. Controlling the materials quantity variance is usually the responsibility of: a. The production supervisor. O b. The cost accountant. O c. The purchasing agent. O d. The marketing director.
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