a. Direct materials price variance Unfavorable b. Direct materials quantity variance Favorable c. Direct materials cost variance Unfavorable

Q: Unfavorable materials quantity variances may be partially explained by favorable materials price…

A: Lets understand the basics. Material quantity variance indicates the variance between the standard…

Q: True or False One contributory to unfavorable result of materials price variance is waste materials…

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

Q: Mountain Mist Valley Stream Price Variance Efficiency Variance Price Variance Efficiency Variance…

A: "Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Do not use negative signs with any of your answers. Next to Materials Variances Actual cost: Split…

A: Introduction:- The following formulas used as follows under:- Actual cost     =AQ×AP Split cost…

Q: What distinction must be made when computing the materials price variance vs. the materials quantity…

A: The answer for the theory question on material price and quantity variances is discussed hereunder :…

Q: etermine the following: Total material price variance Total material usage (quantity) variance Labor…

A: Variable overhead refers to the expenses which fluctuate with the change in the number of goods or…

Q: Required: Calculate the following: i. Material price variance ii. Material usage variance) iii.…

A: The calculation of actual per unit costs for material and labor has been calculated as follows:…

Q: t variances. Select the required formulas, compute the cost variances for direct materials and…

A: Variiances ariise when the actual results differs  from standard or budgeted results. There are…

Q: When using a standard cost system what term is used to denote that the actual cost is less than the…

A: Standard cost is calculated using estimated amounts. If the actual cost is less than the standard…

Q: (a) Calculate the material price variance (b) Calculate the material quantity variance (c) Calculate…

A: Material Price Variance  =( Standard Price - Actual Price )× Actual Quantity  Material Quantity…

Q: Requirement 2. Calculate the direct materials cost variance and the direct materials efficiency…

A: The variance is the difference between the standard data and actual production data for the period.

Q: The materials price variance should be computed when materials are purchased. Group of answer…

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

Q: An unfavorable materials quantity variance indicates that: Multiple Choice standard material price…

A: Unfavorable materials quantity variance means materials has been used more than what was estimated.…

Q: Formula 1 Material Price Variance    Formula 2 Material Quantity variance    Formula 3 Total…

A: Calculate the materials price, material quantity, and the total material variance as follows: The…

Q: Who is generally responsible for the materials price variance? The materials quantity variance? The…

A: Material Price Variance is the difference between the standard price and the actual price for the…

Q: Direct Material Input Chemical Mix Variance Yield Variance Efficiency Variance Purchase Price…

A: Total direct material variance           Purchased Direct Material AQ*AP - SQ*SP Variance…

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: The sum of the material mix and material yield variances equals   the total material variance. the…

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

Q: e sum of materials yield variance and materials mix variance is? * Materials price variance…

A: Material yield variance is the difference of actual material used and standard quantity estimated to…

Q: Q.Describe three reasons for an unfavorable direct manufacturing labor efficiency variance

A: Unfavourable direct manufacturing labour efficiency variance means actual cost of labour is more…

Q: Which of the following variances are most similar with respect to the manner in which they are…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: Favorable Direct materials price variance Unfavorable Direct materials quantity variance Favorable…

A: 1 Material price variance (Standard price- Actual price)* Actual Quantity 2 Material Quantity…

Q: Define direct material variance.

A: Variance:   Variance refers to the difference level in the actual cost incurred and standard cost.…

Q: A favorable direct materials price variance and an unfavorable direct materials quantity variance…

A: Direct Material Price Variance = Actual Quantity Purchased x (Standard Price - Actual Price) If…

Q: unfavorable variances result from increased costs

A: Variance is the difference between the actual cost of production and the standard cost of actual…

Q: Which of the following equations can be used to compute a materials price variance (where AQ =…

A: Introduction: Materials price variance: Difference between the Standard price and actual price and…

Q: List three causes of a favorable direct materials price variance.

A: Direct Material:Direct materials are those inputs that are used for manufacturing a product. Price…

Q: Q.When inputs are substitutable, how can the direct materials efficiency variance be decomposed…

A:

Q: Material purchase price variance material usage/quantity variance Labor rate variance

A: Hi student Since there are multiple subparts, we will answer only first three subparts. If you want…

Q: If the materials price variance is favorable but the materials quantity variance is unfavorable,…

A:

Q: a. What is the material price usage, material quantity and total material variance D. What is the…

A: Material Quantity Variance-It is the difference between how much material used and expected to be…

Q: Assume the variance is material, what is the adjustment of the cost of good sold

A: Solution: Adjustment cost of goods sold vary based on variance in material or immaterial.

Q: Materials mix variance B. Materials yield variance

A: Material Mix Variance = SP( RSQ - AQ)  SP means Standard price  RSQ means Revised Standard quantity…

Q: (b) Explain the reasons why Carad Co would be interested in the material price planning variance and…

A: The variations between predicted and actual results of a manufacturing process or other commercial…

Q: Calculate the material quantity variance and the engineering change order (ECO) material variance.

A: Material quantity variance is a category of variance that compares actual quantity and standard…

Q: a. Direct materials price variance (based on purchases) b. Direct materials efficiency variance c.…

A: Every manufacturing unit has some estimated standard costs for the production based on the past…

Q: direct materials mix variance for this problem

A: The benchmark is established in advance, and actual performance is assessed in comparison to it.…

Q: is direct material variance a measure of?

A: Direct material variance is the difference between standard material costs and actual material costs…

Q: The materials cost variance report for Nickols Inc. indicates a large favorable materials price…

A: Material Price Variance Material Price variance is defined as the difference between Actual price…

Q: Which of the following is the difference between the actual cost of materials and thematerials cost…

A: Total material variance = Actual cost of materials - Budgeted cost of materials at actual level of…

Q: a. Direct materials price variance b. Direct materials quantity variance c. Direct materials cost…

A: Material variance is the difference between the actual cost of direct materials and the expected…

Q: What is a materials price variance? Describe this in your own words. Writing a formula is not a…

A: The material price variance is the difference between the actual cost of material and the standard…

Q: Standard Product Cost

A: Standard costing is a cost accounting method to calculate estimated costs based on standards set for…

Q: Define product cost variances.

A: Product Cost variances occur when the standard cost is higher or lower than the actual costs They…

Q: What is a materials quantity variance? Describe this in your own words. Writing a formula is not a…

A: Material cost variance arises when there is difference in standard cost of materials and actual cost…

Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance. 

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.