Exam 8: Standard Cost Accounting--Materials, labor, and Factory Overhead

Andrews Corporation purchased 3,000 gallons of raw materials for $9,200.The standard price is $3.00 per gallon.If Andrews records the price variance at the earliest possible time,the entry to record the purchase of the material is:

Standard costing will produce the same income before extraordinary items as actual costing when standard cost variances are assigned to:

Taking appropriate action on variances includes all of the following except:

In a two-variance system for analyzing factory overhead,a favorable production-volume variance could be caused by:

In a standard cost system,when the materials price variance is recorded at the time the material is purchased,the materials purchase price variance is obtained by multiplying the:

The following information pertains to Genie Company: What is the entry to record the direct materials cost and variances,assuming that the price variance is recorded when the materials are put into production?

Thomas Company uses a standard cost system and recognizes the materials purchase price variance at the time materials are purchased.Information for raw materials for Product RBI for the month of October follows: What is the entry to record the purchase of materials?

All of the following are features of a standard cost system except: