Reference no: EM132533790
Question 1: The production department should generally be responsible for materials price variances that resulted from:
A) purchases made in uneconomical lot-sizes.
B) rush orders arising from poor scheduling.
C) purchase of the wrong grade of materials.
D) changes in the market prices of raw materials.
Question 2: The general model for calculating a quantity variance is:
A) Actual quantity of inputs used × (Actual price - Standard price).
B) Standard price × (Actual quantity of inputs used - Standard quantity allowed for output).
C) (Actual quantity of inputs used × Actual price) - (Standard quantity allowed for output × Standard price).
D) Actual price × (Actual quantity of inputs used - Standard quantity allowed for output).
Question 3: An unfavorable labor rate variance indicates that
A) actual hours exceed standard hours.
B) standard hours exceed actual hours.
C) the actual rate exceeds the standard rate.
D) the standard rate exceeds the actual rate.
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