Question 10 The difference between actual and standard cost caused by the difference between the actual price and the standard price is called the: Standard variance. Quantity variance. Volume variance Controllable variance. Price variance Question 13 Five Rings, Inc, has collected the following data on one of its products: $4.00per finished unit $10,750 142,500 lbs 28,500 units Direct materials standard (4 lbs.@ $ 1.00/b.) Total direct materials cost variance- unfavorable Actual direct materials used Actual finished units produced The actual cost of the direct materials used is: O $124,750 O $142.500 $103.250 $153,250 O $114,000 D Question 16 In a responsibility accounting system: O Controllable costs are assigned to managers who are responsible for them. Each accounting report contains all items allocated to a responsibility center. Organized and clear lines of authority and responsibility are only incidental. All managers at a given level have equal authority and responsibility Control over costs belongs only to the top level of management