Homework answers / question archive / The final decision as to what standard costs should be is the responsibility of   What is a standard cost?   The formula for the materials price variance is   If the materials price variance is $3900 F and the materials quantity and labor variances are each $3000 U, what is the total materials variance?   The standard predetermined overhead rate used in setting the standard overhead cost is determined by dividing   Labor efficiency is measured by the   Sunland Company produces a product that requires 2

The final decision as to what standard costs should be is the responsibility of   What is a standard cost?   The formula for the materials price variance is   If the materials price variance is $3900 F and the materials quantity and labor variances are each $3000 U, what is the total materials variance?   The standard predetermined overhead rate used in setting the standard overhead cost is determined by dividing   Labor efficiency is measured by the   Sunland Company produces a product that requires 2

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1. The final decision as to what standard costs should be is the responsibility of
2. 
    
3. What is a standard cost?
    
4. The formula for the materials price variance is
    
5. If the materials price variance is $3900 F and the materials quantity and labor variances are each $3000 U, what is the total materials variance?
    
6. The standard predetermined overhead rate used in setting the standard overhead cost is determined by dividing
    
7. Labor efficiency is measured by the
    
8. Sunland Company produces a product that requires 2.6 pounds of materials per unit. The allowance for waste and spoilage per unit is 0.3 pounds and 0.1 pounds, respectively. The purchase price is $2 per pound, but a 2% discount is usually taken. Freight costs are $0.1 per pound, and receiving and handling costs are $0.07 per pound. The hourly wage rate is $13 per hour, but a raise which will average $0.30 will go into effect soon. Payroll taxes are $1.20 per hour, and fringe benefits average $2.40 per hour. Standard production time is 1 hour per unit, and the allowance for rest periods and setup is 0.2 hours and 0.1 hours, respectively.
    
9. If 10,000 pounds of direct materials are purchased for $9,300 on account and the standard cost is $.90 per pound, the journal entry to record the purchase is
    
10. An overhead volume variance is calculated as the difference between normal capacity hours and standard hours allowed