FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The formula to compute direct materials price variance is to calculate the difference between a. actual costs - (actual quantity * standard price) b. actual

The formula to compute direct materials price variance is to calculate the difference between
a. actual costs - (actual quantity * standard price)
b. actual cost + standard costs
c. actual cost - standard costs
d. (actual quantity * standard price) -standard costs

Step by Step Solution

★★★★★

3.43 Rating (156 Votes )

There are 3 Steps involved in it

Step: 1

a actual costs actual quantity standard price Explanation The formula to com... 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

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

Recommended Textbook for

Cost Accounting A Managerial Emphasis

Cost Accounting A Managerial Emphasis

Authors: Charles T. Horngren, Srikant M.Dater, George Foster, Madhav

14th Edition

978-0132960649, 132960648, 132109174, 978-0132109178

More Books

Students also viewed these Accounting questions

Question

★★★★★
You can always improve the Sharpe ratio, or the return/risk ratio of your portfolio, by adding asset classes to your portfolio with a higher Sharpe ratio than the existing portfolio. True False Given...

Answered: 1 week ago

Question

★★★★★
Explain why the direct materials price variance is often computed at the point of purchase rather than at the point of issuance.

Answered: 1 week ago

Question

★★★★★
Suppose the direct materials price variance is large and favorable, and the direct materials efficiency variance is large and unfavorable. What questions would you be likely to ask when investigating...

Answered: 1 week ago

Question

★★★★★
The accompanying table shows proportions of computer salespeople classified according to marital status and whether they left their jobs or stayed over a period of 1 year. a. What is the probability...

Answered: 1 week ago

Question

★★★★★
Calculating Taxes The Locker Co. had $273,000 in taxable income. Using the rates from Table 2.3 in the chapter, calculate the companys income taxes. What is the average tax rate? What is the marginal...

Answered: 1 week ago

Question

★★★★★
While radiographs offer a graphic image that looks like the part being examined, the technique has some significant limitations. What are some of these limitations?

Answered: 1 week ago

Question

★★★★★
Assuming the distribution being sampled is approximately normally distributed, use the small sample confidence interval for the mean to compute a (a) 95%lower bound confidence interval for ???? when...

Answered: 1 week ago

Question

★★★★★
Graphics Service Co. purchased a new color copier at the beginning of 2013 for $47,000. The copier is expected to have a five-year useful life and a $7,000 salvage value . The expected copy...

Answered: 1 week ago

Question

★★★★★
Q1- List out the four reasons why you need valuation from a tax purpose. Q2- (True or Fales) For tax purposes, the standard of value is fair value. Q3- (True or Fales), per Rev. Rul. 59-60, because...

Answered: 1 week ago

Question

★★★★★
1. The model should list the given financial information for all potential projects. 2. The model should associate with each proposed project a cell that is 1 if the project is approved and 0 if it...

Answered: 1 week ago

Question

★★★★★
Granny's Fried Chicken bought equipment on January 2 , 2 0 1 8 , for $ 3 9 , 0 0 0 . The equipment was expected to remain in service for four years and to operate for 1 1 , 0 0 0 hours. At the end of...

Answered: 1 week ago

Question

★★★★★
The following cost behavior pattern describes anticipated manufacturing overhead costs for 2019: $297,500+ $9.0/unit. During the year, 35,000 units were produced and 32,750 units were sold. Required:...

Answered: 1 week ago

Question

★★★★★
Blue Spruce Valley Limited produces wine. Certain vintage wines take more than one year to age. The company has borrowed funds to cover the costs of this aging process. The company meets the interest...

Answered: 1 week ago

Question

★★★★★
Waterways Corporation is preparing its budget for the coming year, 2022. The first step is to plan for the first quarter of that coming year. The company has gathered information from its managers in...

Answered: 1 week ago

Question

★★★★★
Question 10 of 13 You noticed that a fast food restaurant's operating cycle is 30 days. Would this suggest the restaurant is selling food beyond its expiration date? Select an answer: No, because the...

Answered: 1 week ago

Question

★★★★★
On 31 December 20X0 the inventory of V was completely destroyed by fire. The following information is available: Inventory at 1 December 20X0 at cost GHS28,400. Purchases for December 20X0 GHS49,600....

Answered: 1 week ago

Question

★★★★★
Calculate total debt Current Long term Long term bank loans 211.4 504.6 Accrued expenses 930.2 0.0 Capital leases 35.0 2.0 Accounts payable 8.4 0.0 Cash and cash equivalents 67.0 0.0 Trade payables...

Answered: 1 week ago

Question

★★★★★
QUESTION 2 The CEO of Farisha Hijab Sdn Bhd insisted on further investigation to be carried out that he also required Mr Muaz to conduct the analysis of variance for the material and labour of the...

Answered: 1 week ago

Question

★★★★★
Quality improvement, relevant costs, relevant revenues. SpeedPrint manufactures and sells 18,000 high-technology printing presses each year. The variable and fixed costs of rework and repair are as...

Answered: 1 week ago

Question

★★★★★
Recognizing cash flows for capital investment projects. Ludmilla Quagg owns a fitness center and is thinking of replacing the old Fit-0-Matic machine with a brand new Flab-Buster 3000. The old...

Answered: 1 week ago

Question

★★★★★
The controller of a retail company has just had a $50,000 request to implement an ABC system quickly turned down. A senior vice president, in rejecting the request, noted, Given a choice, I will...

Answered: 1 week ago

Question

★★★★★
Give a few examples of situations in which your prior distribution would effectively be diffuse, and a few examples in which it would definitely not be diffuse relative to a given sample.

Answered: 1 week ago

Question

★★★★★
In assessing a distribution for the mean height of a certain population of college students, a person decides that his distribution is normal, the median is 70 inches, the .20 fractile is 67 inches,...

Answered: 1 week ago

Question

★★★★★
Comment on the following statement: We cannot speak of sensitivity except in connection with a particular decision-making situation. Can you think of an example in which the decision-making procedure...

Answered: 1 week ago

Previous Question Next Question