The standard price and quantity of direct materials are separated because

A$.$ GAAP and IFRS reporting requires separation

B$.$ direct materials prices are controlled by the purchasing department and quantity used is controlled by the production department

C$.$ standard prices are more difficult to estimate than standard quantities

D$.$ standard quantities change more frequently than standard prices

Standard costs are divided into which of the following components?

A$.$ variance standard and quantity standard

B$.$ materials standard and labor standard

C$.$ standard quality and standard quantity

D$.$ standard price and standard quantity

A favorable cost variance occurs when

A$.$ actual costs are more than standard costs

B$.$ standard costs are more than actual costs

C$.$ standard costs are less than actual costs

D$.$ actual costs are the same as standard costs

The total manufacturing cost variance consists of

A$.$ direct materials price variance, direct labor cost variance, and fixed factory overhead volume variance

B$.$ direct materials cost variance, direct labor rate variance, and factory overhead cost variance

C$.$ direct materials cost variance, direct labor cost variance, and variable factory overhead controllable variance

D$.$ direct materials cost variance, direct labor cost variance, and factory overhead cost variance

The total manufacturing cost variance is

A$.$ the difference between total actual costs and total standard costs for the units produced

B$.$ the flexible budget variance plus the time variance

C$.$ the difference between planned costs and standard costs for the units produced

D$.$ none of these choices