BlueBlankets, Inc. uses a standard cost system to plan, direct, and control operations. The company converts blue yarn into 35 blankets and sells them to distributors. Select the correct formula: What is the actual direct materials cost per unit (AC) ? Select the correct formula: What is the direct materials cost variance? Interpret this variance COMPUTE THE DIRECT MATERIALS EFFICIENCY VARIANCE Select the correct formula: What is the direct materials efficiency variance? Interpret this variance COMPUTE THE DIRECT LABOR COST VARIANCE The standard amount of time for one blanket is: Select the correct formula: What is the total quantity of direct LABOR budgeted (SQ)? Select the correct formula: What is the standard direct labor cost per hour (SC) ? Direct labor incurred (AQ): Select the correct formula: What is the actual direct labor cost per hour (AC) ? Select the correct formula: What is the direct labor cost variance? Interpret this variance COMPUTE THE DIRECT LABOR EFFICIENCY VARIANCE Select the correct formula: What is the direct labor efficiency variance? Interpret this variance COMPUTE THE VARIABLE OVERHEAD COST VARIANCE The standard amount of time for one blanket is: 4 hours Select the correct formula: What is the total quantity of direct LABOR budgeted (SQ)? hours Select the correct formula: What is the standard variable overhead cost per hour (SC)? per hour Direct labor incurred (AQ): Select the correct formula: What is the actual variable overhead cost per hour (AC)? per hour Select the correct formula: What is the variable overhead cost variance? Interpret this variance COMPUTE THE VARIABLE OVERHEAD EFFICIENCY VARIANCE Select the correct formula: What is the variable overhead efficiency variance? Interpret this variance COMPUTE THE FIXED OVERHEAD VARIANCE Select the correct formula: What is the fixed overhead variance? Interpret this variance BlueBlankets, Inc. uses a standard cost system to plan, direct, and control operations. The company converts blue yarn into 35 blankets and sells them to distributors. Select the correct formula: What is the actual direct materials cost per unit (AC) ? Select the correct formula: What is the direct materials cost variance? Interpret this variance COMPUTE THE DIRECT MATERIALS EFFICIENCY VARIANCE Select the correct formula: What is the direct materials efficiency variance? Interpret this variance COMPUTE THE DIRECT LABOR COST VARIANCE The standard amount of time for one blanket is: Select the correct formula: What is the total quantity of direct LABOR budgeted (SQ)? Select the correct formula: What is the standard direct labor cost per hour (SC) ? Direct labor incurred (AQ): Select the correct formula: What is the actual direct labor cost per hour (AC) ? Select the correct formula: What is the direct labor cost variance? Interpret this variance COMPUTE THE DIRECT LABOR EFFICIENCY VARIANCE Select the correct formula: What is the direct labor efficiency variance? Interpret this variance COMPUTE THE VARIABLE OVERHEAD COST VARIANCE The standard amount of time for one blanket is: 4 hours Select the correct formula: What is the total quantity of direct LABOR budgeted (SQ)? hours Select the correct formula: What is the standard variable overhead cost per hour (SC)? per hour Direct labor incurred (AQ): Select the correct formula: What is the actual variable overhead cost per hour (AC)? per hour Select the correct formula: What is the variable overhead cost variance? Interpret this variance COMPUTE THE VARIABLE OVERHEAD EFFICIENCY VARIANCE Select the correct formula: What is the variable overhead efficiency variance? Interpret this variance COMPUTE THE FIXED OVERHEAD VARIANCE Select the correct formula: What is the fixed overhead variance? Interpret this variance