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Standard Costing Quiz 1 (25 MCQs)

Quiz Instructions:

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1. The direct materials standard costs would not be expressed in
2. What is a standard cost?
3. A total direct materials variance is analyzed in terms of
4. What standard cost variance represents the difference between actual factory overhead incurred and budgeted factory overhead based on actual hours worked
5. When performing input-output variance analysis in standard costing, standard hours allowed is a means of measuring
6. The formula for the labour price variance (LPV) is
7. The total variance is RM35, 000. The total materials variance is RM14, 000. The total labor variance is twice the total overhead variance. What is the total overhead variance?
8. If the actual amount of materials used equals the standard amount of materials that should have been used, the difference between the standard cost and actual cost of materials is called
9. If:the standard direct labor rate was RM10 per hour;the direct labor rate variance amounted to RM450 favorable; andthe actual direct labor cost amounted to RM39, 550.The actual direct labor hours worked were:
10. In producing product AA, 6, 300 pounds of direct materials were used at a cost of $ 1.10 per pound. The standard was 6, 000 pounds at $ 1.00 per pound. The direct materials quantity variance is:
11. Using standard costs
12. A standard that represents the most likely scenario can be referred to as the:
13. _____ cost is used for controlling cost.
14. The investigation of direct materials price variance usually begins in the
15. When using full absorption costing, what cost attendant to an element of production are used in order to compute variances from standard amounts?
16. A debit balance in the labor efficiency variance indicates that
17. The standard costing data used in the journal is _____
18. _____ only work under perfect conditions.
19. When computing variances from standard costs, the difference between actual and standard price multiplied by actual quantity yields a
20. Who is responsible for a labor efficiency variance?
21. _____ cost represents what the cost should be.
22. Who is responsible for a materials usage variance?
23. Who is responsible for a materials price variance?
24. An unfavorable labor quantity variance may be caused by
25. The materials price variance may be computed by
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