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1) What is a quantity standard? What is a price standard? 2) Why are separate price and...

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Accounting

1) What is a quantity standard? What is a pricestandard?

2) Why are separate price and quantity variancescomputed?

3) Who is generally responsible for the materials pricevariance? The materials quantity variance? The laborefficiency?

5) If the materials price variance is favorable but thematerials quantity variance is unfavorable, what might thisindicate?

7) "Our workers are all under labor contracts;therefore, our labor rate variance is bound to be zero."Discuss.

8) What effect, if any, would you expect poor-qualitymaterials to have on direct labor variances?

Answer & Explanation Solved by verified expert
4.1 Ratings (708 Votes)
1 Quantity Standard is the amount of material that should be used in the production of single unit Price Standard is the price that should be paid for materials at given level of material 2 Separate Price and Quantity Variances are computed because there is different managers in charge for different activities in case of Price variance exists then    See Answer
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