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Which of the following best describes standard costs? costs used as a budget for a single unit of product costs incurred to produce a product costs based on the average of current market values costs used to compare with competitors' prices Sales volume variance is the difference between the: actual amounts and the flexible budget due to differences in price and costs. expected results in the flexible budget for the actual units sold and the static budget. static budget and actual amounts due to differences in selling price. flexible budget and static budget due to differences in fixed costs. Which of the following statements is true of costs variances and efficiency variances? They pertain to the difference between the static budget and actual results. They pertain to the difference between the flexible budget and actual results. They pertain to the different between the flexible budget and the static budget. They pertain to the difference between the static budget and the previous year's actual results. What does a favorable direct materials cost variance indicate? The actual quantity of materials used was less than the standard quantity. The actual cost of materials purchased was less than the standard cost of materials purchased. The actual cost of materials purchased was greater than the standard cost of materials purchased. The actual quantity of materials used was greater them the standard quantity. Which of the following is the correct formula to measure cost variance? Cost Variance = (Actual Cost + Standard Cost) Actual Quantity Cost Variance = (Actual Cost - Standard Cost) times Actual Quantity Cost Variance = (Actual Cost + Standard Cost) + Actual Quantity Cost Variance = (Actual Cost - Standard Cost) - Actual Quantity The direct material budget is prepared on the basis of the: cash budget. master budget. capital expenditure budget. production budget. The budgeted production of Gunix Inc. is 8,000 units. Each unit requires 40 minutes of direct labor work to complete. The direct labor rate is $100 per hour. Calculate the budgeted cost of direct labor for the month. $533, 333.33 $500,000.00 $566, 666.66 $633, 333.33