|Standard Costing #1||Open||
|Standard Costing #2||Open|
1) For inventory valuation in a standard cost system, standard costs are applied to the good _____________.
2) Standard costs are more helpful in determining whether a company operated ___________________ (effectively or efficiently) in producing its output during the accounting period.
3) This direct labor variance occurs when the direct labor is paid an hourly wage that is different from the standard hourly wage.
4) Because of seasonal fluctuations, manufacturing overhead standards are likely predetermined for the entire __________.
5) The total manufacturing overhead variance is the difference between the actual overhead costs incurred and the standard overhead costs __________ to the good output.
6) A variance that occurs when the actual direct labor hours are different from the standard number of direct labor hours.
7) When the actual cost of an input is less than the standard cost of an input, it is a _________________ variance.
8) If a company has variances that are very significant and its inventory balances have increased significantly, some of the variance balances should be allocated (or prorated) to ________________.
9) The fixed overhead volume variance is also referred to as the _________________ volume variance.
10) The variable manufacturing overhead variance occurring when the actual variable overhead costs are different from the costs expected for the actual inputs.
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