If the net standard costing variance of a business is considered immaterial to the total production cost, the net variance should be:Multiple choice question.assigned to cost of goods soldallocated between WIP and FG inventories and cost of goods soldignoredtreated as an adjustment to manufacturing overhead

Select all that applyWhich production variances are due to the difference between the standard and actual costs per unit of input?Multiple select question.Variable overhead spending varianceRaw materials price varianceRaw materials usage varianceDirect labor efficiency varianceVariable overhead efficiency varianceDirect labor rate variance

A fixed manufacturing overhead variance caused by the difference between the actual fixed overhead expenditures and the fixed overhead that was budgeted for the period is called:Multiple choice question.a volume variancea spending variancea budget variancean efficiency variance

Select all that applyWhich terms are used to describe the cost per unit of input variance for different product cost components (raw materials, direct labor, and manufacturing overhead)?Multiple select question.Rate varianceSpending variancePrice varianceEfficiency variance

Given the following information, calculate the materials price variance:Direct material purchased and used 30,000 kgCost of direct material $84,000Unfavourable direct materials usage variance $3,000Standard quantity of direct materials allowed for May production 29,000kg

A company has budgeted total overhead of $10,575 at actual units produced and actual total overhead of $9,775. The controllable variance is:Multiple choice question.$800 U$800 F