The total overhead variance is equal to the   sum of the controllable variance and the volume variance. sum of the total materials variance and the total labor variance. total variance minus the controllable variance and the volume variance. difference between the total materials variance and the total labor varian

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: The flexible budget variance for fixed overhead is known as the   A.) Static budget variance. B.)…

A: Flexible budget variance for fixed overhead is the difference between Actual fixed overhead and…

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: The material price variance is computed by multiplying the difference between the actual price and…

A: GIVEN   Material Price Variance is the difference between the actual cost of Material purchased and…

Q: What is the direct labor (a) rate variance, (b) time variance, and (c) cost variance? Round your…

A: Formula: Direct Labor Rate Variance= (SR-AR)AT Direct Labor Time Variance= (ST-AT)SR Direct Labor…

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

A:

Q: Required: a. Determine the direct materials price variance, direct materials quantity variance, and…

A: Standard costing: Standard costing consists of the setting of the predetermined estimate of costs…

Q: Required: a. Determine the standard cost per faucet for direct materials and direct labor. Round the…

A: Formula: 1.Material Quantity Variance= [(Standard Quantity-Actual Quantity)*Standard Cost]…

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: (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and…

A: Concepts and reason Variance analysis: Variance analysis is the process of analyzing the difference…

Q: king with variances From the following data, determine the total actual costs incurred for direct…

A: The variance is the difference between standard and actual cost of production for the current…

Q: direct labor rate variance and the direct labor efficiency variance

A:

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: Working With Variances From the following data, determine the total actual costs incurred for direct…

A: Variance analysis: It is the technique in budgeting that allows for analysis of the variances…

Q: Compute the direct material price variance for the year (indicate the ef ecting "F" for favorable…

A: Overheads are the various indirect material, labour and other costs incurred during a manufacturing…

Q: What type of variances are computed for materials, labour, and  factory overhead

A: material variance = standard cost - actual cost of materials. types 1.Material Price Variance: MPV =…

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: 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: b. Determine the direct materials price variance, direct materials quantity variance, and total…

A: a) Calculation of Direct material standard cost per unit: Standard number of lb. of brass per faucet…

Q: 1. Material price variance, Material quantity variance, and Total material variance 2. Labor rate…

A: working notes  AQ means actual quantity AP means actual price  SP means standard price  SQ means…

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

A: The variance is the difference between actual cost of production and standard cost of production.

Q: Total gross profit variance = Price variance =  Price-Quantity variance =  Cost variance =…

A: Variance is the deviation between actual figures and budgeted figures. If the deviation or change is…

Q: The total overhead variance is equal to the Group of answer choices sum of the total materials…

A: Standard data is calculated by considering budgeted data and using actual data. Variance refers…

Q: The direct-material quantity variance is:

A: Direct material quantity variance determines the efficiency of the production department in…

Q: A. Compute the material price and quantity, and the labor rate and efficiency variances. Enter all…

A: Variance refers to the difference that is calculated by taking the actual cost that is incurred in…

Q: The total manufacturing cost variance is a.the flexible budget variance plus the time variance b.the…

A: Variance means difference between standard cost of producing goods and actual cost of producing same…

Q: This refers to the difference between actual and standard hours multiplied by the standard labor…

A: Variance is the difference between actual and budgeted.

Q: hich of the following factor may not be included in the computation of the total materials variance?…

A: Formula Total Material variance = (Standard cost of material allowed for actual output) – (Actual…

Q: MATERIALS MIX VARIANCE

A:

Q: 1. Compute the following variances for May: a. Materials price and quantity variances. b. Labor rate…

A: Since you have asked a question with multiple sub parts, we will solve the first three sub parts…

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: What were the price and quantity variances for direct material, respectively? What were the rate…

A: 1. Compute the price and quantity variances for direct materials.

Q: If the materials price variance is $3,600 F and the materials quantity and labor variances are each…

A: Description: Total materials variance: Sum of both Materials price variance and Materials quantity…

Q: units. For the three questions below, indicate two things: the amount of variance AND whether the…

A: ANSWER : FIRST LET US LIST ALL THE INFORMATION GIVEN : STANDARD RATE PER HOUR (SR) = 12 STANDARD…

Q: Calculate the variances and identify whether the variance is favorable​ (F) or unfavorable​ (U).…

A: Variances are calculated by comparing the actual results with the standard set.

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: (1) Compute the direct materials price and quantity variances. (Indicate the effect of each variance…

A: Solution: Direct material quantity variance is also called as direct material usage or efficiency…

Q: Determine the direct materials quantity and direct labor time variances. Round your per unit…

A: To calculate variance direct materials quantity the following formula can be used Statement finding…

Q: Which of the following variances cannot occur together during the same accounting period? Select…

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

Q: Variable factory overhead is applied on the basis of standard direct labor hours. If, for a given…

A: As per standard costing system, the efficiency variances are always calculated by standard cost per…

Q: a. Determine the direct materials price variance, direct materials quantity variance, and total…

A: Variances These  are the differences between actual results for actual level of activity and the…

Q: 1. Calculate the total direct materials variance and total direct labour variance, together with…

A:

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.