All of the following are factual statements relative to a standard cost system except: It is a simple method for a accumulating manufacturing costs. (not used in manufacturing valuations) the objective is to control costs and promote efficiency. A majority of U.S. manufactures use this method. It is used in conjunction with such methods as job order, process, or backflush costing. A favorable variance: Actual Costs are lowest than standard Costs. Would reduce a products anticipated profitability. Indicates that a changes has been added. Will increase the cost beyond the standard established. Which of the following measures the difference between the budgeted fixed overhead (Flexible Budget) and the fixed overhead applied to work in process (Absorbed)? Price variance Controllable variance Volume variance Yield variance All of the following are factual statements relative to a standard cost system except: It is a simple method for a accumulating manufacturing costs. (not used in manufacturing valuations) the objective is to control costs and promote efficiency. A majority of U.S. manufactures use this method. It is used in conjunction with such methods as job order, process, or backflush costing. A favorable variance: Actual Costs are lowest than standard Costs. Would reduce a products anticipated profitability. Indicates that a changes has been added. Will increase the cost beyond the standard established. Which of the following measures the difference between the budgeted fixed overhead (Flexible Budget) and the fixed overhead applied to work in process (Absorbed)? Price variance Controllable variance Volume variance Yield variance