Question: The materials price variance is computed based on the amount of materials purchased during the period. True or False

The materials price variance is computed based on the amount of materials purchased during the period.

True or False


Step by Step Solution

★★★★★

3.38 Rating (160 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

True the materials price variance is computed ... View full answer

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:

Entering a deadline date never has an effect on the scheduling of a summary or subtask. True / False

Q:

A high-efficiency rating indicates that the sample information is almost as good as perfect information. True or False

Q:

Aerobic respiration is an oxygen dependent metabolic pathway which occurs primarily in the mitochondria a. True O b. False

Q:

1 Both financial and managerial accounting rely on accepted principles that are enforced through an extensive set of rules and guidelines. True False 1 points QUESTION 2 Direct costs are incurred for...

Q:

1.Investments that do not normally change in value are disclosed on the balance sheet as cash and cash equivalents. True False 2.To record a bond investment made between interest payment dates,...

Q:

Investing cash flows generally include cash receipts and cash payments for transactions involving revenue and expense activities during the period. true false

Q:

In addition to the regular standard deduction taxpayers who are blind qualify for a second standard. True / False Kathleen and Ken have a $475,000 mortgage on their personal residence and a $125.000...

Q:

Question 20 If the Income Summary account has a debit balance before it is closed, the company has net income for the period. True False 2 points Question 21 What is the correct order of the...

Q:

Kindly soove the following wuestion and shows step by step explanations. Problem 1 Direct Labour Variances Sky Inc. provides in-flight meals for a number of major airlines. One of the company's...

Q:

10-9 (Algo) Comprehensive Variance Analysis [LO10-1, LO10-2, LO10-3] Marvel Parts, Incorporated, manufactures auto accessories. One of the company's products is a set of seat covers that can be...

Q:

Assess the specific choices made in launching and building the MaxFli project. Which decisions (if any) proved wise and which ones created challenges for the current project or later? Will all...

Q:

AP1.5 The Burj Dubai is the tallest building in the world [94]. The building, shown in Figure AP1.5, stands at over 800 m with more than 160 stories. There are 57 elevators servicing this tallest...

Q:

The Gemini Group sold one of its plant assets on August 1 of the current year for $ 200,000. The asset had an original cost of $ 500,000 and an estimated residual value of $ 80,000. The firm used the...

Q:

Degregorio Corporation makes a product that uses a material with the following direct material standards: Standard quantity............................. 3.8 kilos / unit Standard...

Q:

Rolling Blackout Power Company constructed a new power plant to supply energy to the Northeast Electrical Grid. The construction began on January 2 and ended on December 31 of the current year. On...

Q:

Complete the passage using the following terms: limited partners, venture capital, private, underwriters, general partners, private equity, corporate ventures, partnerships, private, and angel...

Q:

On December 31, 2015 the Clearwater Corporation acquired a custom- made plant asset by issuing a promissory note with a face value of $ 750,000, a due date of December 31, 2020, and a stated (coupon)...

Q:

d Amount of Carbohydrate (g/L) Time (hrs.) *With enzyme Without enzyme The enzyme maintains a stable speed for the reaction as it takes 6 hours to decrease the carbohydrate from 10 g/L to 7 g/L. The...

Q:

The following standard costs were developed for one of the products of CH Industries: STANDARD COST CARD PER UNIT Direct materials: 4 feet x $14 per foot ..............$ 56.00 Direct labor: 8 hours x...

Q:

Starship Enterprises produces and sells calibrators. The company began the period with the following inventory of raw material: 200 units at $5.50 per unit (the materials price variance is recorded...

Q:

The following standard costs were developed for one of the products of ABC Company: STANDARD COST CARD PER UNIT Direct materials: 20 pounds x $10 per pound .................................. $200.00...

Q:

Butrico Manufacturing Corporation uses a standard cost system, records materials price variances when raw materials are purchased, and prorates all variances at year-end. Variances associated with...

Q:

Wilkin Fruit Drink Company planned to make 400,000 containers of apple juice. It expected to use two cups of frozen apple concentrate to make each container of juice, thus using 800,000 cups (400,000...

Q:

Variable price and usage variances and fixed manufacturing overhead cost variances Kemp Tables, Inc. (KTI), makes picnic tables of 2 3 4 planks of treated pine. It sells the tables to large retail...