Exam 11: Standard Costs and Balanced Scorecard

A favorable variance

Which department is usually responsible for a labor price variance attributable to misallocation of workers?

The standard rate of pay is $12 per direct labor hour. If the actual direct labor payroll was $47,040 for 4,000 direct labor hours worked, the direct labor price (rate) variance is

Dillon has a standard of 1.5 pounds of materials per unit, at $6 per pound. In producing 2,000 units, Dillon used 3,100 pounds of materials at a total cost of $18,135. Dillon's materials quantity variance is

Standard cost cards are the subsidiary ledger for the Work in Process account in a standard cost system.

The matrix approach to variance analysis

The customer perspective of the balanced scorecard approach

If a company assigns factory labor to production at a cost of $84,000 when standard cost is $80,000, it will

The per-unit standards for direct materials are 2 pounds at $5 per pound. Last month, 11,200 pounds of direct materials that actually cost $53,000 were used to produce 6,000 units of product. The direct materials quantity variance for last month was

In Zero Company's income statement, they report gross profit of $55,000 at standard and the following variances: Materials price 420 Materials quantity 600 Labor price 420 Labor quantity 1,000 Overhead 900 Zero would report actual gross profit of

The standard quantity allowed for the units produced was 4,500 pounds, the standard price was $2.50 per pound, and the materials quantity variance was $375 favorable. Each unit uses 1 pound of materials. How many units were actually produced?

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

Variance reports are

The formula for the labor price variance is

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.

Standards may be useful in setting selling prices for finished goods.

Ideal standards will generally result in favorable variances for the company.

Alex Co. prepared its income statement for management using a standard cost accounting system. Which of the following appears at the "standard" amount?

A total materials variance is analyzed in terms of

Allowances should not be made in the direct labor quantity standard for