Exam 12: Standard Costs and Balanced Scorecard

Blue Fin Co.produces a product requiring 10 kilograms of material at $1.50 per kilogram.Blue Fin produced 10,000 products during 2020 resulting in a $30,000 unfavourable materials quantity variance.How much direct material did Blue Fin use during 2020?

Budget data are not journalized in cost accounting systems with the exception of

Variances from standards are

Which of the following is true?

The labour time requirements for standards may be determined by the

The cost of freight-in

If 20,000 kilograms of direct materials are purchased for $14,400 on account and the standard cost is $.70 per kilogram, the journal entry to record the purchase under a standard costing system is a) Raw Materials Inventory 14,400 Accounts Payable 14,400 b) Work in Process Inventory 14,400 Accounts Payable 14,000 Materials Quantity Variance 400 Raw Materials Inventory 14,400 Accounts Payable 14,000 Materials Price Variance 400 d) Raw Materials Inventory 14,000 Materials Price Variance 400 Accounts Pavable 14,400

A debit to the Overhead Volume Variance account indicates that the standard hours allowed for the output produced was greater than the standard hours at normal capacity.

The learning and growth perspective on the balanced scorecard includes measures monitoring product development, production, delivery, and after-sale service.

If the standard hours allowed are less than the standard hours at normal capacity,

When it comes to variances,

If standard costs are incorporated into the accounting system,

In income statements prepared for management under a standard cost accounting system, each of the following are reported at actual amounts except

All of the following variances are reported to the production department except the

If the materials price variance is $600 F and the materials quantity and labour variances are each $450 U, what is the total materials variance?

If actual direct material costs are greater than standard direct materials costs, it means that

A manufacturing company would include setup and downtime in their direct

Wild West Inc.produces a product requiring 3 direct labour hours at $20.00 per hour.During January, 2,000 products are produced using 6,300 direct labour hours.Wild West's actual payroll during January was $122,850.What is the labour quantity variance?

A favourable variance that is significant in a cost report

Which of the following is not considered an advantage of using standard costs?