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Direct materials price varlances would typically be computed and reported as soon as A. The materials are ordered B. Materials are issued to the producing

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Direct materials price varlances would typically be computed and reported as soon as A. The materials are ordered B. Materials are issued to the producing department C. Materials are received from the vendor D. Materials are added to the product A favorable overhead volume variance for a company that uses direct labor hours to apply lIts overhead would mean the company was A. Using more actual direct labor hours than the standard hours allowed B. Producing more units than they had used in computing the predetermined overhead rate C. Doing a good job of holding down the cash outlays for fixed expenses D. Using fewer direct labor hours than the standard hours allowed An unfavorable direct labor rate varlance would most likely be seen when the company is A. Using more low skilled workers B. Producing fewer products than predicted in the original master budget C. Buying poor quality materials D. Having more overtime In a standard cost system, a debit balance in an account that shows the Materials Price Variance is most likely to indicate A. The company used more materials than the standard allowed B. The paid less for the materials than they expected in their standards C. The standard is out of date D. The company had to pay overnight rush shipping on more orders than expected Which of the following would use job order rather than process costing procedures: A. A manufacturer of plastic lawn chairs B. A manufacturer of furniture made to order with custom fabrics C. A manufacturer of cough syrup. D. A manufacturer of Scott's lawn fertilizer sold in bags to Walmart, Aldi's, and Target stores There will be most likely be no difference in the cost per unit of materials calculated under FIFO and Weighted Average if A. There was a beginning inventory, but no ending inventory. B. There was an ending inventory, but no beginning inventory. C. The fiscal year ends on June 30. D. The materials are all added after 25% of the labor time has occurred. Which statement best explains the issues that are most relevant in choosing between FIFO and weighted Average process costing methods? A. Weighted average is acceptable for external audited financial statements, FIFO can only be used internally. B. FIFO is more accurate than weighted average. es a better job of lsolating period to period cost changes weighted averaged is simpler for pricing purposes. D. The FIFO method is too difficult for managers to understand. E. A combination of B and D above

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