10. When is the material quantity variance favorable? when the actual quantity used is greater than...
10. When is the material quantity variance favorable?
- when the actual quantity used is greater than the standard quantity
- when the actual quantity used is less than the standard quantity
- when the actual price paid is greater than the standard price
- when the actual price is less than the standard price
12. What are some possible reasons for a labor rate variance?
- hiring of less qualified workers
- an excess of material usage
- material price increase
- utilities usage change
14. When is the labor rate variance favorable?
- when the actual quantity used is greater than the standard quantity
- when the actual quantity used is less than the standard quantity
- when the actual price paid is greater than the standard price
- when the actual price is less than the standard price
Homework Answers
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10. When is the material quantity variance favorable? when the actual quantity used is greater than...
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...
Assume when you calculated direct material price variance, you found that actual costs of direct material...
Assume when you calculated direct material price variance, you found that actual costs of direct material used is greater than the material budgeted costs based on actual units purchased and used. In this case the material price variance is: a. Favorable b. Unfavorable c. Significant d. Positive Given: Actual labor costs: $200.00 Flexible budget allowed for actual units used: $180.00 based on budgeted units: $189.00 Labor rate variance is: a. $20 Favorable b. $20 Unfavorable c. $9 Favorable d. $9...
Favorable or Unfavorable? If production volume is greater than expected - Fixed overhead has been over-allocated...
Favorable or Unfavorable? If production volume is greater than expected - Fixed overhead has been over-allocated - therefore the fixed overhead volume variance is ___________. If production volume is less than expected - fixed overhead has been under allocated - therefore the fixed overhead volume variance is ___________. Rule of thumb: When production volume is higher than expected, fixed overhead volume variance will be ___________. When production is lower than expected the variance will be ___________. The direct materials price...
1) 2) 3) 4) 5) A favorable cost variance occurs when Oa. actual costs are the...
1)
2)
3)
4)
5)
A favorable cost variance occurs when Oa. actual costs are the same as standard costs Ob. actual costs are more than standard costs Oc. standard costs are more than actual costs Od. standard costs are less than actual costs The Flapjack Corporation had 8,042 actual direct labor hours at an actual rate of $12.00 per hour. Original production had been budgeted for 1,100 units, but only 999 units were actually produced. Labor standards were 7.9...
Mastery Problem: Manufacturing Cost Variance (Actual Costs Compared to Standard Costs) Manufacturing cost variances may come...
Mastery Problem: Manufacturing Cost Variance (Actual Costs Compared to Standard Costs) Manufacturing cost variances may come from material costs that are higher or lower than expected, material usage that is not what was expected, higher or lower labor costs than expected, or more or less time spent to produce an item than expected. Overhead cost and volume variances are another cause for costs to be higher or lower than what was expected. The total manufacturing variance can be broken down...
Mastery Problem: Manufacturing Cost Variance (Actual Costs Compared to Standard Costs) Manufacturing cost variances may come...
Mastery Problem: Manufacturing Cost Variance (Actual Costs Compared to Standard Costs) Manufacturing cost variances may come from material costs that are higher or lower than expected, material usage that is not what was expected, higher or lower labor costs than expected, or more or less time spent to produce an item than expected. Overhead cost and volume variances are another cause for costs to be higher or lower than what was expected. The total manufacturing variance can be broken down...
An unfavorable materials quantity variance occurs when the actual quantity used in production is less than...
An unfavorable materials quantity variance occurs when the actual quantity used in production is less than the standard quantity allowed for the actual output of the period. True or False
If the actual price paid for the quantity of materials purchased is less than the actual...
If the actual price paid for the quantity of materials purchased is less than the actual quantity purchased times the standard price, then: Question 2 options: The materials efficiency variance will be unfavorable. The materials price variance will be favorable. The materials price variance will be unfavorable. The materials efficiency variance will be favorable.
what is the favorable unfavorable if statement that should be used for this excel spreadsheet What...
what is the favorable unfavorable if statement that should be
used for this excel spreadsheet
What is the favorable unfavorable if statement that should be used
for this excel spreadsheet
KLM TO DE FONT Leonardo Paint Manufacturer Company Direct Material and Labor Variance Analysis For Period Ended December 31, 2020 STANDARD $3,000 3.000 ACTUAL $3,600 2,500 1.44 1.00 5 Input Area 6 Direct Materials: 7 Total Purchase Price 3 Quantity Placed in Production 9 Cost per unit T1 Direct Labor...
Gauging the Favorableness of Variances When variances occur, they are described as being either favorable or...
Gauging the Favorableness of Variances
When variances occur, they are described as being either
favorable or unfavorable. When actual activity consumes more time
or money than initially planned, an unfavorable variance exists.
However, when actual activity consumes less time or money than
initially planned, a favorable variance exists. Note that the terms
favorable and unfavorable are used, rather than saying that a
variance is good or bad, because until the cause of a variance is
discovered, it is not clear...
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...
1)
2)
3)
4)
5)
A favorable cost variance occurs when Oa. actual costs are the same as standard costs Ob. actual costs are more than standard costs Oc. standard costs are more than actual costs Od. standard costs are less than actual costs The Flapjack Corporation had 8,042 actual direct labor hours at an actual rate of $12.00 per hour. Original production had been budgeted for 1,100 units, but only 999 units were actually produced. Labor standards were 7.9...
what is the favorable unfavorable if statement that should be
used for this excel spreadsheet
What is the favorable unfavorable if statement that should be used
for this excel spreadsheet
KLM TO DE FONT Leonardo Paint Manufacturer Company Direct Material and Labor Variance Analysis For Period Ended December 31, 2020 STANDARD $3,000 3.000 ACTUAL $3,600 2,500 1.44 1.00 5 Input Area 6 Direct Materials: 7 Total Purchase Price 3 Quantity Placed in Production 9 Cost per unit T1 Direct Labor...
Gauging the Favorableness of Variances
When variances occur, they are described as being either
favorable or unfavorable. When actual activity consumes more time
or money than initially planned, an unfavorable variance exists.
However, when actual activity consumes less time or money than
initially planned, a favorable variance exists. Note that the terms
favorable and unfavorable are used, rather than saying that a
variance is good or bad, because until the cause of a variance is
discovered, it is not clear...
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