Question 6. Question : Which one of the following is the
difference between the actual
hourly wage rate and the standard hourly wage rate,
multiplied by
the actual direct labor hours worked during a period?
Student Answer:
Total direct labor standard cost variance.
Direct labor efficiency variance.
Direct labor usage variance.
Direct labor flexible-budget variance.
Direct labor rate variance.
UNIT 5 QUIZ
Question 7. Question : A "standard cost" is a predetermined
amount (e.g., cost) that:
Student Answer:
Should be incurred under relatively efficient operating
conditions.
Will be incurred for an operation or a specific objective.
Must occur for an operation or a specific objective.
Cannot be changed once it is established by management.
Is useful for planning and control but not inventory valuation