Homework Answers
17
A Flexible Budget
Flexible budget is determined by Multiplying Actual Quantity with Standard Price per unit
18
C Price Variance
Price Variance is computed by Multiplying Actual Quantity with difference between actual and standard Price
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17. When computing variances, the difference between standard price multiplied by actual quantity yields a(n): A....
15. Which of the following is a benefit of budgeting? A. reduces the need for tracking...
15. Which of the following is a benefit of budgeting? A. reduces the need for tracking actual cost activity B. sets benchmarks C. does not uncover potential bottlenecks D. discourages planning E. all of these 16. The purpose of the actual results comparison is to: A. evaluate performance reports by managers B. permit managers to reduce the number of unfavorable variances that are reported C. update the static planning budget to reflect the actual level of activity of the period...
The variable overhead spending variance is calculated as: A. Actual Cost- (actual quantity x standard price)...
The variable overhead spending variance is calculated as: A. Actual Cost- (actual quantity x standard price) B. Actual Cost -(standard quantity x standard price) C. Standard Cost - (Acutal quantity x actual price) D. Actual results minus flexible budget amount. (C is NOT the correct answer).
The difference between actual quantity of input used and the standard quantity of input used results in a Multiple...
The difference between actual quantity of input used and the standard quantity of input used results in a Multiple Choice Controllable variance Standard variance o O Budget variance Quantity variance
Question 17 )The sales volume variance is the differernc between the ? A) Actual results and...
Question 17 )The sales volume variance is the differernc between the ? A) Actual results and the expected results in the flexible budget for the actual units sold B)Expected results in the flexible budget for the actual units sold and the static budget c)Static budget and actual amounts due to differences in sales price d)flexible budget and static budget due to differences in fixed costs
Question 17 )The sales volume variance is the differernc between the ? A) Actual results and...
Question 17 )The sales volume variance is the differernc between the ? A) Actual results and the expected results in the flexible budget for the actual units sold B)Expected results in the flexible budget for the actual units sold and the static budget c)Static budget and actual amounts due to differences in sales price d)flexible budget and static budget due to differences in fixed costs
_ 16. The total manufacturing cost variance is a. the difference between actual costs and standard...
_ 16. The total manufacturing cost variance is a. the difference between actual costs and standard costs for units produced b. the flexible budget variance plus the time variance c. the difference between planned costs and standard costs for units produced d. None of these choices
25. Reasons for using standard costing include their usefulness in: Select one: a. Preparing flexible budgets...
25. Reasons for using standard costing include their usefulness in: Select one: a. Preparing flexible budgets b. Preparing master budgets C. Establishing selling prices d. Preparing performance reports e. All of the above 26. The standard direct material cost is equal to: Select one: a. Standard quantity * Actual price b. Actual quantity Standard price c. Actual quantity - Actual price d. Standard quantity Standard price e. None of the above 27. Which of the following accurately represents the "split...
1. Which of the following variances is the difference between the actual cost of the input...
1. Which of the following variances is the difference between the actual cost of the input and its planned cost? Total labor variance Materials usage variance Total budget variance Materials price variance c 2. Which of the following conditions leads to an unfavorable price variance? It occurs when the actual usage of input is greater than the standard usage of input. It occurs when the actual price is greater than the standard price. It occurs when the standard price is...
Explanation not necessary When is the direct labor time variance favorable? A. when the actual quantity used is les...
Explanation not necessary When is the direct labor time variance favorable? A. when the actual quantity used is less than the standard quantity B. when the actual quantity used is greater than the standard quantity C. when the actual price paid is greater than the standard price D. when the actual price is less than the standard price A flexible budget A. gives actual figures for selling price B. gives actual figures for variable and fixed overhead C. is not...
Exercise 21-23 Computing and interpreting sales variances LO A1 Comp Wiz sells computers. During May 2017,...
Exercise 21-23 Computing and interpreting sales variances LO A1 Comp Wiz sells computers. During May 2017, it sold 700 computers at a $1,100 average price each. The May 2017 fixed budget included sales of 750 computers at an average price of $1,070 each. AQ Actual Quantityl SO-Standard Quantity AP Actual Price SP Standard Price (1) Compute the sales price variance and the sales volume variance for May 2017 Actual Sales Flexible Budget Budgeted Sales
15. Which of the following is a benefit of budgeting? A. reduces the need for tracking actual cost activity B. sets benchmarks C. does not uncover potential bottlenecks D. discourages planning E. all of these 16. The purpose of the actual results comparison is to: A. evaluate performance reports by managers B. permit managers to reduce the number of unfavorable variances that are reported C. update the static planning budget to reflect the actual level of activity of the period...
The difference between actual quantity of input used and the standard quantity of input used results in a Multiple Choice Controllable variance Standard variance o O Budget variance Quantity variance
Question 17 )The sales volume variance is the differernc between the ? A) Actual results and the expected results in the flexible budget for the actual units sold B)Expected results in the flexible budget for the actual units sold and the static budget c)Static budget and actual amounts due to differences in sales price d)flexible budget and static budget due to differences in fixed costs
Question 17 )The sales volume variance is the differernc between the ? A) Actual results and the expected results in the flexible budget for the actual units sold B)Expected results in the flexible budget for the actual units sold and the static budget c)Static budget and actual amounts due to differences in sales price d)flexible budget and static budget due to differences in fixed costs
_ 16. The total manufacturing cost variance is a. the difference between actual costs and standard costs for units produced b. the flexible budget variance plus the time variance c. the difference between planned costs and standard costs for units produced d. None of these choices
25. Reasons for using standard costing include their usefulness in: Select one: a. Preparing flexible budgets b. Preparing master budgets C. Establishing selling prices d. Preparing performance reports e. All of the above 26. The standard direct material cost is equal to: Select one: a. Standard quantity * Actual price b. Actual quantity Standard price c. Actual quantity - Actual price d. Standard quantity Standard price e. None of the above 27. Which of the following accurately represents the "split...
Explanation not necessary When is the direct labor time variance favorable? A. when the actual quantity used is less than the standard quantity B. when the actual quantity used is greater than the standard quantity C. when the actual price paid is greater than the standard price D. when the actual price is less than the standard price A flexible budget A. gives actual figures for selling price B. gives actual figures for variable and fixed overhead C. is not...
Exercise 21-23 Computing and interpreting sales variances LO A1 Comp Wiz sells computers. During May 2017, it sold 700 computers at a $1,100 average price each. The May 2017 fixed budget included sales of 750 computers at an average price of $1,070 each. AQ Actual Quantityl SO-Standard Quantity AP Actual Price SP Standard Price (1) Compute the sales price variance and the sales volume variance for May 2017 Actual Sales Flexible Budget Budgeted Sales
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