Which of the following set of terms describes the same type of variance?       Price variance, rate variance, flexible variance       Price variance, rate variance, spending variance       Usage variance, efficiency variance, volume variance       Price variance, rate variance, efficiency variance

Q: Production-volume variance formula

A: Variance: It implies to a difference between the actual and standard outcomes. If the actual outcome…

Q: Determine the following: Price-Quantity variance Cost variance Cost-Quantity variance

A: A) Price quantity variance =   ( Units sold in 2021-units sold in 2020)/ Rate per unit of 2020…

Q: Material purchase price variance Material price usage variance Material quantity variance Labor rate…

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

Q: for Julu that includor reveDue and spending variances and activity variances. (Indicate

A:

Q: Material Cost Variance can be segregated between: a. Mix Variance and Yield Variance b. Usage…

A: solution concept material cost variance material cost variance is divided into material price…

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: Which type of variance causes operating income to be greater than the budgeted operating income?…

A: The variance causes the operating income to be greater than the budgeted operating income is:

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: 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: Requirement: Compute for the following, 1. Cost price variance 2. Cost volume variance 3. Total…

A: Variance analysis refers to the comparison made between two accounting or financial variables and…

Q: of the following set of terms describes the same type of variance?   a)Usage variance, efficiency…

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

Q: Which of the following is NOT true?     Multiple Choice   An activity variances describes the…

A: Activity Variance The term which are used in the costing techniques which describes as difference…

Q: Explain the difference between a favorable and an unfavorable variance.

A: Variance: The term variance is used under standard costing system. Variance is actually the…

Q: What is the cost volume variance? * Sample format: 111,111 F or 111,111 U

A: Cost Volume Variance refers to the variance which arises when actual cost of goods sold  differs…

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: A statistical control chart is best used for determining: A. direct-material price variances. B.…

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

Q: Considering the variance analysis, which of the following statements is true?

A: Variance analysis is the analysis which is the analysis only possible when the company has a…

Q: me Variance F.) Total Gross Profit Variance G.) Price Variance H.) Price-Quantity Variance I.) Cost…

A:

Q: Distinguish between a favorable variance and an unfavorable variance.

A: Favorable Variance: Favorable variance is the variation in the actual and planned output which is…

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: 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: The cost price variance is

A: Cost price variance refers to the difference between the actual cost and standard cost of units.…

Q: A D 1 Chapter 09: Applying Excel 2 3 Data Exhibit 9-8: Standard Cost Card 4 Inputs Standard Quantity…

A: Direct Material price variance = (Actual price per pound - Standard price per pound)*Actual quantity…

Q: Thomas' direct-labor rate variance was:

A: Direct Labor rate Variance is the Variance for the difference between Actual rate and Standard Rate…

Q: Cost Price Variance E.) Cost Volume Variance F.) Total Gross Profit Variance G.) Price Variance H.)…

A: The calculation of different variances and analysis if favourable or unfavourable are shown…

Q: Sales variance is the difference between sales price and ----------   Labour rate variance Sales…

A: Sales variance =Actual sales - budgeted sales = Actual quantity * actual price - budgeted quantity *…

Q: Topic: Standard Costing and Variance Analysis Question: Create a concept map which discusses on the…

A: Standard Costing and Variance Analysis Always Standard  compared with Actual Result either…

Q: Which of the following items would be useful to management in deciding whether to investigate the…

A: Standard costs are the budgeted costs related with the production, manufacturing and selling of…

Q: G.       H.       I.       J.    Budget Perf

A: The term with definition as,

Q: How do you find the standard quantity for efficiency variance?

A: Management should pay particular attention to those that are uncommon or noteworthy. Firms may…

Q: The sales price factor shows a variance of * D

A: Variance caused by selling price in total sales is known as sales price Variance.   Formula:  Sales…

Q: The Flexible-Budget Variance is the sum of   a. The static-budget variance and the sales-volume…

A: Flexible-Budget Variance = Actual results - Flexible results

Q: Complete the standard cost variance analysis

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

Q: The sales price factor shows a variance of

A: Sales price variance is the variance how much the deviation has been made during the year. It means…

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: What types of variances are found on cost center reports? Explain what each variance is measuring…

A: The variances found in the cost center report are determined by measuring actual performance against…

Q: Which of the following is FALSE regarding variances? O A favorable variance, when it occurred, are…

A: Standard costing refers to the method of costing used to find out the variances. Standard overhead…

Q: in preparing variance analysis for both variable overhead and fixed overhead costs, both include…

A: The answer for the theory question on Spending variances is discussed hereunder :

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.