Exam 25: Standard Costs and Balanced Scorecard

North Coast Manufacturing provided the following information about its standard costing system for 2016: North Coast applies fixed overhead at $10 per unit produced. Instructions Determine the amounts of the overhead variances.

Standard costs

Which of the following is true?

Use the following information for questions Budgeted overhead for Cinnabar Industries at normal capacity of 30000 direct labor hours is $6 per hour variable and $4 per hour fixed. In May $310000 of overhead was incurred in working 31500 hours when 32000 standard hours were allowed. -The overhead volume variance is

If a company purchases raw materials on account for $19830 when the standard cost is $18900 it will

In developing a standard cost for direct materials a price factor and a quantity factor must be considered.

Clark Company manufactures a product with a standard direct labor cost of two hours at $18.00 per hour. During July 2000 units were produced using 4200 hours at $18.30 per hour. The labor price variance was

What does the controllable variance measure?

A standard is a unit amount whereas a budget is a total amount.

The overhead volume variance relates only to

The total standard cost to produce one unit of product is shown

If the materials price variance is $3600 F and the materials quantity and labor variances are each $2700 U what is the total materials variance?

The standard predetermined overhead rate used in setting the standard overhead cost is determined by dividing

In using variance reports top management normally looks carefully at every variance.

The customer perspective of the balanced scorecard approach

Adam Corporation prepared the following variance report. Instructions Fill in the appropriate amounts or letters for the question marks in the report.

An unfavorable labor quantity variance may be caused by

Standards based on the optimum level of performance under perfect operating conditions are

Manufacturing overhead costs are applied to work in process on the basis of

Which of the following statements is false?