The materials usage variance or materials quantity variance is associated with a standard costing system. This variance results when the actual quantity of materials used is different from the quantity of materials that should have been used to make the good output. In other words, the actual quan...
The variance is favorable as the quantity actually sold (42,000) is greater than the budgeted quantity (40,000). See the correct answer for a complete explanation.The variance is favorable as the quantity actually sold (42,000) is greater than the budgeted quantity (40,000). See the corre...
Answer (B) is incorrect because The budgeted selling price and budgeted variable cost must be used to determine the sales quantity variance, not the actual selling price and actual variable cost.Answer (C) is incorrect because The budgeted variable cost must be subtracted from the selling price ...
What percentage of the on-hand quantity is consigned? What are the adjustment value tolerances? What are the cycle counts by ABC assignment groups? What are the inventory cycle counts in a specific count sequence, such as recounts, rejected, or approved? What percentage of variance is hit-and...
What is the variance? Which of the following describes the statistical relationship known as covariance? a) The variance divided by the expected value. b) An unbounded quantity that shows the relative tendency of asset pri Explain how to derive the mean and variance of the Cox-Ingersoll-...
the number of units produced. If the company doesn’t produce the same quantity of units that were estimated in the budget, there is a quantity variance. The actual costs of producing the products changes from the estimated budget and the revenues are also different from the estimated budgets....
What is the materials usage variance? How is the material usage variance account reported on the financial statements? What is the difference between a budget and a standard? What is standard costing? What is the difference between cost and price? Related In-Depth Explanations Inventory an...
考点:Chapter6Accountingformaterials 解析 Maximum level = reorder level + reorder quantity - (minimum usage x minimum lead time) =1,710 + 1,750 - (50 x 12) = 2,860 units 多做几道 材料全屏 A company has a budgeted material cost of $125,000 for the production of 25,000 units per mo...
If a company overestimates or underestimates how much material it will take to produce a certain amount, the materials yield variance will be less than or greater than zero. If the standard quantity is equal to the quantity actually used, then the variance will be zero. ...
Material Cost Variance Analysis Formula: Standard Cost – Actual Cost Alternatively, (Standard Quantity x Standard Price) – (Actual Quantity x Actual Price) It can be categorized into the following: Material Cost Variance:The difference between the actual and standard cost of materials used ...