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

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

Which of the following statements is true?Multiple choice question.Quantity variances are computed for direct materials, direct labor and fixed overhead.The variance that computes the price difference for materials is called a material rate variance.Price variances can only be computed for direct materials and direct labor.A labor efficiency variance is a quantity variance.

Select all that applyWhich product cost items will need "flexing" when production cost variances are analyzed at the end of the period?Multiple select question.Direct laborFixed manufacturing overheadDirect materialVariable manufacturing overhead

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

Multiple Choice QuestionABC Company has set the following standards for one unit of product: Direct materials: 0.5 pounds @ $1.00 per pound; Direct labor: 1 hour @ $10.00 per hour. The company produced 35,000 units and had the following actual costs: Direct materials: 18,000 pounds at a total cost of $17,280; Direct labor: 36,000 hours at a total cost of $374,400. Compute the direct labor rate variance.Multiple choice question.$10,000 F$14,400 U$10,000 U$14,400 F