A labor rate variance is due solely to the difference   Between budgeted materials price and actual materials price   Between budgeted direct labor hours and actual direct labor hours   Between budgeted sales volume and actual sales volume   Between budgeted labor price and actual labor price

Q: The management of Al Safa Production LLC requested you to identify from the following how direct…

A: Standard costing means where standard is set for various cost element and actual cost is then…

Q: A company using direct costing in its performance evaluation would normally include the following…

A: Direct costing refers to the concept of evaluating the cost or expenses by only considering the…

Q: need help finding the: - materials price variance & the materials quantity variance - labor rate…

A:

Q: In regard to the Sales-Volume Variance, which of the following statements is false. A) The…

A: Flexible budget variance is the difference between an actual result and a flexible-budget amount.…

Q: The difference between actual direct labor hours worked and standard direct labor hours allowed…

A: Efficiency Variance - It is the variance equals the no of direct labor hours with budgeted one minus…

Q: Why should a production-volume variance (PVV) that is material be prorated among work-in-process,…

A: Approximating the allocation of fixed costs based on actual output and actual costs so it is not…

Q: Each of the following statements is correct regarding overhead variances except: Actual overhead…

A:

Q: A variance is the difference between standards and actual performance with materials, labor, or…

A: Variances are used for the performance evaluation of the company. It is also helpful for the…

Q: Under the two-variance method for analyzing factory overhead, the difference between the actual…

A: The question is related to Standard Costing and is related to two Varaince method.

Q: Write in detail the possible causes of each of the following variance.   Direct materials price and…

A: Variances: A cost variance is a difference between the actual expenses incurred and the standard…

Q: An Unfavorable Variance results when (check all that apply)   a. Actual costs exceed Budgeted…

A: Variance: The difference between the actual cost or price and the budgeted (standard) cost or price…

Q: Accounting How is price variance for room sales calculated? Which two components can the flexible…

A: Standard costing is the process of replacing an actual cost in the accounting records with a…

Q: The difference between actual factory overhead and budgeted overhead on the basis of standard direct…

A: SOLUTION-   EFFICIENCY VARIANCE IS THE DIFFERENCE BETWEEN THE THEORETICAL AMOUNT OF INPUTS REQUIRED…

Q: Instructions: Designate whether each of the following statements is true or false by circling the T…

A: 1. If actual costs are less than standard costs, the variance is favourable. Solution: True…

Q: The performance evaluation of a cost center is typically based on its a. sales volume variance. b.…

A:

Q: Who is responsible for labor rate variance  an external factor not related to the company…

A: Labor rate variance: It is the difference between the actual and expected cost of labor. Causes of…

Q: What department is usually responsible for a direct labor rate variance? What department is usually…

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Q: How might a manager gain insight into the causes of a flexible-budget variance for direct materials?

A: Variance is the difference in the value of budgeted cost\quantity and the actual cost\quantity.…

Q: Which of the following variances is least likely to be controlled by manager? Volume variance…

A: Solution Concept Volume variance : This variance occurs when there is difference between quantity…

Q: Why Fixed Overhead Volume Variance is said to be a favorable variance when the actual output is more…

A: Fixed overhead volume variance is the difference between Applied fixed overhead and Budgeted Fixed…

Q: In a standard cost system, an unfavorable overhead volume variance would result if there is an…

A: The question is related to Standard Costing and is related to overhead variance.

Q: Flexible-budget variance, sales-quantity, market-size, and market-share variance. The actual…

A: Sales Variance:The sales variance is the difference of budgeted amount and the actual amount. The…

Q: In gross profit analysis, a favorable cost of sales variance that includes an unfavorable cost…

A: A favorable variance happens when the cost to produce is less than the budgeted cost. It means a…

Q: Compute for the variances of the problem using the information given. Answer the numbers only up to…

A: Here, the standard cost has been used for the calculations. However, for labor rate variance…

Q: Under the three variance method for analyzing factory overhead, the difference between the actual…

A: Variance represents the variation between the overheads planned by the entity and the overheads it…

Q: Each of the following statements is correct regarding overhead variances except: a. Actual overhead…

A: Statements about overhead variances are correct that are: Actual overhead greater than applied…

Q: What is the variation in the use of materials at actual price and standard materials at standard…

A: "since you have posted more than one questions and not specified which should be solved so we are…

Q: firm’s production facilities were under-utilized by producing less units of products than budgeted.…

A: The difference between the amount projected for fixed overhead expenses based on production volume…

Q: Which one of the following best describes the direct material price variance? O a. The difference…

A: Direct Material price variance can be calculated by using the following formula:  (AQ × SP ) -…

Q: Flexible-budget variance, sales-quantity, market-size, and market-share variance. The actual…

A: Sales variance shows the difference between the actual sales and the budgeted sales for the period.…

Q: Which of the following is true?   a. The Static Budget Variance for operating income is calculated…

A: Actual operating income - Static operating income = Static budget variance Actual operating income -…

Q: Explain the phrase, "Fixed Overhead Expenditure (or Spending or Budget) Variance: This variance…

A: Solution:- Explaining the concept of Fixed Overhead Expenditure or Spending variance as follows…

Q: The budgeted variable selling, and administrative expense is calculated by multiplying the budgeted…

A: Answer: False, The budgeted selling Variable expense is computed on the Budgeted sale units but the…

Q: Lewis Company reports the following fixed budget and actual results for May. Prepare a flexible…

A: Budget refers to the estimation of the incomes and expenses for a specified future period as per the…

Q: The variance that arises solely because the actual units sold differs from the budgeted units to be…

A: The variance that arises solely because the actual units sold differ from the budgeted units to be…

Q: Determine the following: a. Total material price variance b. Total material usage (quantity)…

A: d) Calculation of standard hours: It is given that the number of units produced is 850 units and…

Q: The variable overhead spending variance is most effective in measuring: O how well overhead spending…

A: The variable overhead, also known as the variable spending variance, is the difference between the…

Q: To reconcile budgeted profit to actual profit under marginal costing, which variances must be…

A: Marginal Costing is a method of costing, where the marginal cost, the variable cost is charged to…

Q: 1. Prepare the following variance analyses for both chocolates and the total, based on the actual…

A:

Q: Help question 26

A: False. Price variance is the difference between the Standard price of the input and actual price of…

Q: One way of analyzing the fixed factory overhead variance is breaking it down into Select one:…

A: The question is related to Fixed overhead variance of standard costing. As question just asked to…

Q: The difference between actual factory overhead and budgeted factory overhead on the basis of actual…

A: The difference between the actual expenses and the budgeted expenses for the specific units is…

Q: Which of the following statements about variances is false?   If actual direct material price is…

A: Variance analysis is comparing the actual and standard figures and finding the differences or…

Q: Which of the following statements is false?   Standard costs (e.g., how much should be paid for…

A: Statement 1 is true, because standard costs are considered as benchmarks for measuring performance.