Question: How does the static budget affect cost and efficiency variances
How does the static budget affect cost and efficiency variances?
Answer to relevant QuestionsList the direct materials variances and briefly describe each. List the eight product variances and the manager most likely responsible for each. Setting standards for a product may involve many employees of the company. Identify some of the employees who may be involved in setting the standard costs, and describe what their role might be in setting those standards.The following direct labor variance analysis was performed for Longman.Requirements 1. Record Longman’s direct labor journal entry (use Wages Payable). 2. Explain what management will do with this varianceinformation.The May 2014 revenue and cost information for Houston Outfitters, Inc. follow:Sales Revenue (at standard).............. $ 540,000 Cost of Goods Sold (at standard) .......... 341,000 Direct Materials Cost Variance ...
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