Both the actual material used and the standard quantity allowed for material is based on the actual output attained.
Correct Answer:
Verified
Q1: A favorable variance is not necessarily good,
Q3: The sales price variance is the actual
Q4: The flexible and master budget amounts are
Q10: The terms "master budget" and "flexible budget"
Q11: Production cost variances are input variances, while
Q12: The budget (or spending)variance for fixed production
Q18: It is possible to have a favorable
Q18: The direct labor efficiency variance can be
Q19: In essence, the terms "master budget" and
Q20: In setting standards,allowances usually include normal inefficiencies
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents