lultiple Choice SIUD STUMIM OS Which of the following is an advantage of standard costs? Contribution to management control. b. Promotion of greater economy and efficiency. 1. 1owens ono e elo a, Galsou C. Simplification of the costing of inventories and reduction of clerical costs. d. All of the above. 2. If the predetermined overhead rate per hour is $6 for variable and $2 for fixed overhead, standard direct labor hours per unit is 2 hours and actual direct labor hours per unit was 1.5 hours, then the overhead standard cost per unit is $4 per unit. b. $8 per unit. C. bist a. $16 per unit. d. $12 per unit. lo lovel Ineioe Ineesigen abebnste leobl E The formula for the labor quantity (or efficiency) variance isnoitibnoo gniego beto (Actual Hours X Actual Rate) (Actual Hours X Standard Rate). b. (Actual Hours X Standard Rate) (Standard Hours X Standard Rate). (Standard Hours X Actual Rate) (Standard Hours X Standard Rate). d. a. C. 4. none of the above. If actual overhead is $70,000, overhead applied is $67,000 and overhead budgeted for 4. the standard hours allowed is $78,000, then the overhead controllable variance is $3,000 F. b. $11,000 U. c. $8,000 F. d. $8,000 U. a. nansV uotilaunA In a standard cost accounting system, a company purchased raw materials on account for $46,500 when the standard cost was $44,000. The journal entry would not include a debit to Raw Materials Inventory for $44,000. debit to Materials Price Variance for $2,500. enuori arti ens bowole c. credit to Materials Price Variance for $2,500. d. credit to Accounts Payable for $46,500. 5. a. b. od busbne 3