Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help me with these questions. Thank you! 1. The standard quantity per unit defines the ________. a. price that should be paid for each

Please help me with these questions. Thank you!

1. The standard quantity per unit defines the ________.

a. price that should be paid for each unit of direct materials.

b. total cost of direct materials that should be used for each unit of finished product.

c. amount of direct materials that should be used for each unit of finished product including an allowance for normal inefficiencies, such as scrap and spoilage.

d. amount of direct labor-hours that should be used to produce one unit of finished goods.

2. A flexible budget performance report for variable manufacturing costs shows _______.

a. only the activity variances.

b. both the activity variances and the spending variances.

c. both the revenue variances and the spending variances.

d. both the quantity variances and the price variances.

3. The standard quantity allowed is _______.

a. the amount of an input that should have been used to complete the planned output for the period.

b. the actual amount of input that was used to complete the planned output for the period.

c. the amount of an input that should have been used to complete the actual output for the period.

d. the actual amount of input that was used to complete the actual output for the period.

4. Most companies compute the materials price variance when raw materials are _______.

a. received from suppliers and transported to raw materials inventory.

b. withdrawn from raw materials inventory and used in production.

c. ordered from suppliers.

d. moved from work in process inventory to finished goods inventory.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

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

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

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

Get Started

Students also viewed these Accounting questions