Debit balances in variance accounts represent favorable for price variances; unfavorable for quantity variances. favorable for quantity variances; unfavorable for price variances. unfavorable variances. favorable variances. The balanced scorecard is based solely on financial measures. does not use financial or nonfinancial measures. incorporates financial and nonfinancial measures in an integrated system. is based solely on nonfinancial measures. The costing of inventories at standard cost for external financial statement reporting purposes is in accordance with generally accepted accounting principles if significant differences do not exist between actual and standard costs preferable to reporting at actual costs. in accordance with generally accepted accounting principles if significant differences exist between actual and standard costs. not permitted Which of the following is true? The form and content of variance reports are consistent among companies, but the frequency varies The form and content of variance reports vary considerably among companies, but the frequency is always weekly. The form, content, and frequency of variance reports do not vary among companies. The form, content, and frequency of variance reports vary considerably among companies The per-unit standards for direct materials are 2 pounds at $2 per pound. Last month, 11400 pounds of direct materials that actually cost $61200 were used to produce 6900 units of product. The direct materials quantity variance for last month was $12000 unfavorable. $7800 unfavorable $12000 favorable. $3450 favorable. Kingbird Co. expects direct materials cost of $8 per unit for 50000 units (a total of $400000 of direct materials costs). Kingbird's standard direct materials cost and budgeted direct materials cost is Standard Budgeted $8 per unit $400000 per year $400000 per year$400000 per year $400000 per year $8 per unit $8 per unit $8 per unit