Mastering Standard Costing
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Questions and Answers

What is the standard variable cost per unit for labor?

  • R6.00
  • R8.00
  • R16.00
  • R1.50 (correct)
  • Which of the following is the formula for calculating material price variance?

  • (Standard Quantity imes Actual Price) - (Standard Quantity imes Standard Price)
  • (Actual Quantity imes Actual Price) - (Actual Quantity imes Standard Price)
  • (Standard Quantity imes Standard Price) - (Standard Quantity imes Actual Price)
  • (Actual Quantity imes Standard Price) - (Actual Quantity imes Actual Price) (correct)
  • What is the actual cost of variable overheads varying with production?

  • R78,000 (correct)
  • R9.00
  • R22.50
  • R108,300
  • What is the total budgeted sales in Rands?

    <p>R624,000</p> Signup and view all the answers

    What is the total material cost purchased in Rands?

    <p>R262,400</p> Signup and view all the answers

    Study Notes

    Cost Calculations

    • Standard variable cost per unit is a labor cost measure.

    Material Price Variance

    • The formula for calculating material price variance is: (Actual Cost - Standard Cost) × Actual Quantity.

    Variable Overheads

    • Actual cost of variable overheads varies with production.

    Budgeted Sales

    • Total budgeted sales are expressed in Rands (R).

    Material Cost

    • Total material cost is the cost of materials purchased, expressed in Rands (R).

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    Description

    Test your knowledge of management accounting with this quiz! Explore the concept of standard costing and learn how to calculate standard variable costs for a manufacturing company.

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