(a) What are the two variances between the actual cost and the standard cost for direct materials?...

Question:

(a) What are the two variances between the actual cost and the standard cost for direct materials?
(b) Discuss some possible causes of these variances.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Survey of Accounting

ISBN: 978-0538749091

5th Edition

Authors: Carl S Warren

See More Books

Question Posted: Oct 21, 2011 05:04 AM

See More Questions

What are the two variances between the actual cost and the standard cost for direct materials?
What is an outlier? List some possible causes of outliers. How should outliers be handled in cost estimation?
What are the two possible modes that locks use when they fail? What implications do these modes have for human safety? In which situation is each mode preferred?
Describe what is meant by the term balanced in the term balanced scorecard method.
The following data were accumulated for use in reconciling the bank account of Mathers Co. for July: 1. Cash balance according to the company's records at July 31, $32,110. 2. Cash balance according...
You re driving at 5 8 km / h , when the traffic light 4 2 m away turns yellow. Find ( a ) the constant acceleration required to stop at the light and ( b ) the stopping time
What are the uses and benefits of workforce management systems/HRP systems? Check one of the websites mentioned in this chapter to obtain this information.
The following tabulations are actual sales of units for six months and a starting forecast in January. a. Calculate forecasts for the remaining five months using simple exponential smoothing with a =...
During an experiment with moving sound sources, students notice a change in pitch. As a train approaches, the whistle's pitch appears higher, and as it moves away, the pitch seems lower. This change...
The click throughs obtained for Eltronix Inc during an eight-week period are provided in the table below. Eltronix ran a branded keyword search campaign in the first four weeks at a CPC of $0.15....
How are standards used in budgetary performance evaluation?
The materials cost variance report for Nickols Inc. indicates a large favorable materials price variance and a significant unfavorable materials quantity variance. What might have caused these...
Some argue that because ethical standards are lax in many countries, Siemens and other firms must pay bribes in order to obtain new business. Do you agree with this view? Stated differently, when...
A beam having a tee-shaped cross section is subjected to equal 7 kN-m bending moments, as shown. Assume b= 110 mm, t+= 25 mm, d = 150 mm, tw = 35 mm. The cross-sectional dimensions of the beam are...
Under the doubleentry bookkeeping system, the full value of each transaction is recorded on the debit side of one or more accounts and also on the credit side of one or more accounts. Therefore, the...
List name of payer. If any interest is from a seller-financed mortgage and the buyer used the property as a personal residence, see the instructions and list this interest first. Also, show that...
Assume Mr. J. Green invests $15,000 to start a landscape business. This transaction increases the company's assets, specifically cash, by $15,000 and increases owner's equity by $15,000. Notice that...
and errore extraordinary items. 3.3 Use the following information for Zohrain Corporation given at the end of 2019. Current Assets Current Liabilities Fixed Assets, Net- Investments Long-Term Debt-...
Calculate the capacitance-to-neutral in $\mathrm{F} / \mathrm{m}$ and the admittance-to-neutral in S/km for the three-phase line in Problem 4.10. Neglect the effect of the earth plane. Problem 4.10...
Should we separate the debt and equity features of convertible debt? Team 1: Pro separation: Present arguments in favor of separating the debt and equity features of convertible debt. Team 2: Against...
Find the diodes DC operating point (I 0 , V 0 ) in the circuit of Fig. 4-59(a) using the graph of Fig. 4-59(b). 1.5V++ 592 1=0 V V (a) N 0.3 To 0 (b) 1.5 V = V = V
Preparing a classified balance sheet Required Use the following information to prepare a classified balance sheet for Little Co. at the end of 2010. Accounts receivable ...... $42,500 Accounts...
Tupperware Company claims to be "a global direct seller of premium, innovative products across multiple brands and categories through an independent sales force of approximately 2.1 million." Its...
The following transactions apply to Allied Enterprises for 2010, its first year of operations. 1. Received $50,000 cash from the issue of a short-term note with a 6 percent interest rate and a...
According to the context, what is changing HR Professionals' ability to track talent costs?
Have a look at the SuperChem VR company's Chemistry Lab Simulator. The owner of SuperChem VR is preparing his pitch deck for an important investor. He aims to expand his AR/VR services company in the...
What led the Department of Health and Human Services and CMS to implement a new prospective payment system across all types of care?

(a) What are the two variances between the actual cost and the standard cost for direct materials?...

Question:

Step by Step Answer:

a The two variances in direct materials cost are 1 Price 2 Quantity b The price variance is the re...View the full answer

Survey of Accounting

Students also viewed these Managerial Accounting questions