Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Dec 09, 2023

Discuss term materials quantity variance and provide use of it in accounting?

Step by Step Solution

★★★★★

3.42 Rating (149 Votes )

There are 3 Steps involved in it

Step: 1

Materials quantity variance is a term used in accounting to measure the difference between the actual quantity of materials used in production and the standard quantity that should have been used It i... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cost management a strategic approach

Authors: Edward J. Blocher, David E. Stout, Gary Cokins

5th edition

73526940, 978-0073526942

More Books

Students also viewed these Accounting questions

Question

★★★★★

SHIM & Fairfield Corporation manufactures a labor-intensive product. The cost standards developed by SHIM & Fairfield appear below. Manufacturing overhead at SHIM & Fairfield is applied...

Answered: 1 week ago

Question

★★★★★

NuLathe Co. produces a turbo engine component for jet aircraft manufacturers. It has used a standard costing system for years with good results. Unfortunately, NuLathe recently experienced production...

Answered: 1 week ago

Question

★★★★★

The definite integral I = dz gives the area between the graph of f(x)- and the z-axis from 1 to z-4. Use the left hand rule with 3 subintervals to estimate I. Give your answer as an exact fraction...

Answered: 1 week ago

Question

★★★★★

In the Walton Bookstore example with a discrete demand distribution, explain why an order quantity other than one of the possible demands cannot maximize the expected profit.

Answered: 1 week ago

Question

★★★★★

Cold water enters a steam generator at 20C and leaves as saturated vapor at the boiler pressure. At what pressure will the amount of heat needed to preheat the water to saturation temperature be...

Answered: 1 week ago

Question

★★★★★

Adjusted Gross Incomes. Consider the events (not J ), (H & I), (H or K), and (H & K) discussed in Problem 31. a. Find the probability of each of those four events, using the f/N rule and your answers...

Answered: 1 week ago

Question

★★★★★

=+What are the outcomes?

Answered: 1 week ago

Question

★★★★★

The Summer Corporation manufactures cellular modems. It manufactures its own cellular modem circuit boards (CMCB), an important part of the cellular modem. The company reports the following cost...

Answered: 1 week ago

Question

★★★★★

Question 1 [Total 10 marks]- An equipment with purchased cost of $54,000 is expected to have a 4-year depreciable life and the estimated salvage value is $1,800. Find the book values for each year...

Answered: 1 week ago

Question

★★★★★

Image-based homing for robots can be implemented by generating heading command inputs to a steering system based on the following guidance algorithm. Suppose the robot shown in Figure P3.13(a) is to...

Answered: 1 week ago

Question

★★★★★

Motors Corporation manufactures motors for dirt bikes. The company requires a minimum $30,000 cash balance at each month-end. If necessary, the company borrows to meet this requirement at a cost of...

Answered: 1 week ago

Question

★★★★★

A double-pipe heat exchanger operating in the parallel-flow mode carries glycerin in the inner pipe and water in the annular region. The glycerin enters the heat exchanger at 90C at a mass flow rate...

Answered: 1 week ago

Question

★★★★★

8. Your father who is a manager, broke his arm because he slipped and fell in a hotel room shower while on a business trip. Is your father entitled to workers' compensation benefits? 3. A. 5.

Answered: 1 week ago

Question

★★★★★

Spade Manufacturing produces surfboards. The company uses a normal-costing system and allocates manufacturing overhead on the basis of direct manufacturing labor-hours. Most of the company's...

Answered: 1 week ago

Question

★★★★★

Telnex Corporation maintains its internal inventory records using first - in , first - out ( FIFO ) under a perpetual inventory system. The following information relates to its inventory during the...

Answered: 1 week ago

Question

★★★★★

Suppose a local college has tasked you to develop a database that will keep track of students and the courses that they have taken. In addition to tracking the students and courses, the client wants...

Answered: 1 week ago

Question

★★★★★

Stock A has a beta of 1.2 and the return standard deviation of 30%. Stock B has a beta of 0.6 and the return standard deviation of 12%. The correlation between the two stocks is 0.7. You invested 50%...

Answered: 1 week ago

Question

★★★★★

Suppose the market is semistrong form efficient. Can you expect to earn excess returns if you make trades based on? a. Your brokers information about record earnings for a stock? b. Rumors about a...

Answered: 1 week ago

Question

★★★★★

Medical Arts Hospital (MAH) uses a hospital-wide overhead rate based on nurse-hours. The intensive care unit (ICU), which has 30 beds, applies overhead using patient-days. Its budgeted cost and...

Answered: 1 week ago

Question

★★★★★

What do underapplied overhead and overapplied overhead mean? How are these amounts disposed of at the end of a period?

Answered: 1 week ago

Question

★★★★★

Marketing Specialists Inc. (MSI) provides a range of services to its retail clientscustomer service for inquiries, ordering taking, credit checking for new customers, and a variety of related...

Answered: 1 week ago

Question

★★★★★

A lawn mower retails for $349. The dealers overhead is 25% of cost, and normal operating profit is 16 2/3 % of cost. a. What is the largest amount of markdown that will allow the dealer to break...

Answered: 1 week ago

Question

★★★★★

Rainbow Paints is discontinuing a line of paint that it purchased at $30 less 45% and 10% per 4L pail. The stores overhead is 50% of cost, and normal operating profit is 30% of cost. If the manager...

Answered: 1 week ago

Question

★★★★★

Comfort Shoes normal rate of markup on selling price is 45%. What rate of mark down can the store offer on a pair of shoes normally priced at $140, and still realize a 20% rate of markup on cost at...

Answered: 1 week ago

Previous Question Next Question