The standard quantity allowed,$$ or standard hours allowed, refers to the amount of the input that should have been used to produce the actual output of the period.

Question $1$ options:

TrueFalse

Question $2(2$ points$)$

$$

The budget variance for fixed manufacturing overhead is the difference between actual fixed manufacturing overhead costs incurred and the amount of fixed manufacturing overhead applied to work in process.

Question $2$ options:

TrueFalse

Question $3(2$ points$)$

$$

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

Question $3$ options:

TrueFalse