Podcast
Questions and Answers
The material price variance is $______.
The material price variance is $______.
R32,000 Favourable
The labour efficiency variance is $______.
The labour efficiency variance is $______.
R3,500 Unfavourable
The material quantity variance is $______.
The material quantity variance is $______.
R16,000 Unfavourable
The labour rate variance is $______.
The labour rate variance is $______.
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The ______ variance is R1,700 Unfavourable.
The ______ variance is R1,700 Unfavourable.
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Study Notes
Variances in Cost Accounting
- The material price variance is unknown, awaiting a value.
- The labour efficiency variance is unknown, awaiting a value.
- The material quantity variance is unknown, awaiting a value.
- The labour rate variance is unknown, awaiting a value.
- There is an unfavourable variance of R1,700, but the specific type of variance is unknown.
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Description
Test your knowledge of standard costing and variance analysis with this quiz! Challenge yourself to calculate the material, labor, and overhead variances based on given standard and actual costs. See how well you understand the budgeted sales and actual results of a manufacturing company.
