Question: 21) Identify the situation below that will result in a favorable variance. The actual labor rate was greater than the standard labor rate Actual costs

21) Identify the situation below that will result in a favorable variance.

The actual labor rate was greater than the standard labor rate

Actual costs are higher than budgeted costs

The quantity of material used is less than the quantity which should have been used

The standard material price per pound is less than the actual price per pound paid

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

28. The difference between actual price per unit of input A. Price variance. B. Quantity variance. C. Volume variance. D. Controllable variance. and the standard price per unit of input results in a:...

Q:

of the following best describes costs assigned to the product under the absorption costing method? Direct labor (OL) Direct materials (DM) Variable selling and administrative (VSA) Variable...

Q:

5)____ 5) The standard materials cost to produce un aru materials cost to produce 1 unit of Product Ris 9 pounds of material at a standard price of $53 per pound. In manufacturing 5000 units, 44,000...

Q:

18) Barsness C serviced. purposes and th orporation is an oil well service company that measures its output by the number of wells e actual results of operations for November. The company has...

Q:

) "The difference between actual quantity of input used and the standard quantity used results in a: A) Standard variance. B) Price variance C Controllable variance D) Quantity variance E) Budget...

Q:

Claremont Company specializes in seling refurbished copiers. During the month, the company sold 195 coplers at an average price of $3,300 each. The budget for the month was to sell 190 coplers at an...

Q:

A flexible budget performance report compares the differences between: Help Save & Exit Actual performance and budgeted performance based on actual sales volume. Actual performance over several...

Q:

Identify the situation below that will result in a favorable variance. Multiple Choice Actual revenue is higher than budgeted revenue. Actual revenue is lower than budgeted revenue. Actual income is...

Q:

Identify the situation below that will result in a favorable variance. Actual revenue is higher than budgeted revenue. Actual revenue is lower than budgeted revenue. Actual income is lower than...

Q:

Identify the situation below that will result in a favorable variance. Multiple Choice Actual expenses are higher than budgeted expenses. Actual revenue is lower than budgeted revenue. Actual revenue...

Q:

It was pointed out that two advantages of using multiple threads within a process are that (1) less work is involved in creating a new thread within an existing process than in creating a new...

Q:

Timeless Pte Ltd a watch manufacturer. The following table shows the costs incurred in July where 1,500 watches were manufactured and sold. The production workers are paid $70 for every watch...

Q:

Equity Attributable to Company Stockholders Boeing Company reported the following items on a recent 1 0 - K . Which equity number should be used to calculate return on equity for both years? Which...

Q:

2 . 3 Having identified the stakeholders, there are two principles that are more ethical in the stakeholder classification. Identify and explain these principles.

Q:

Is there any dispute that this is the cause?

Q:

12.1 Explain the concept of employment at will. Describe the concept of discipline and summarize disciplinary action.

Q:

Describe transfers, promotions, resignations, and retirements as factors involved in internal employee relations.