A favorable overhead volume variance is a signal that the actual quantity produced was greater than the quantity anticipated.
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Q6: The labor rate variance is equal to
Q7: The material quantity variance compares the actual
Q8: Ideal standards are synonymous with favorable variances,
Q9: The material price variance is equal to
Q10: Budgeted costs are the same as standard
Q12: The labor rate variance measures whether the
Q13: The use of standard costs is limited
Q14: An unfavorable controllable overhead variance indicates that
Q15: In a standard costing system, manufactured goods
Q16: Ideal standards are developed under the assumption
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