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24. Which of the following statements is true with respect to the latior spending vaidence? A. It encompassas the labor rate variance, but exdudes the labor efficlency variance B. It encompasses the labor rate and efficiency variances. C. It encompasses the labor efficiency variance, but excludes the labor rue varianoe. D. It is separate and independent from the labor rate and efficlency variances. 25. Which of the following statements is true with respect to the matarials quartity variance? A. It is computed using the actual price. B. It is computed using the actual quantity of materials purchased C. It is computed using the difference between the actual and standord prices. D. It is computed using the standard price. 26. The variable overhead efficiency variance measures the diflerence between the actunilevel of activity and the standard activity allowed for the actual output, muliplied by the variable pant of the predetemined overhead rate. A. True B. False 27. If demand is insufficient to keep everyone busy and workers are not laid olf, a favorabie (f) iabor efficiency variance often will be a result. A. True B. False 28. An unfavorable materials quantity variance occurs when the actual quantity used in production is 28. An unfavorable materials quantity variance occurs when the actual quantit of the period. A. True B. False 29. In general, the production manager is responsible for the materials price variance. A. True B. False 30. The standard price per unit for direct materials should reflect the final, delivered cost of the materials. A. True B. False 31. Which of the following should be ignored when making decisions? A. Sunk costs B. Differential costs C. Avoidable costs D. Incremental costs 32. Avoidable costs are always: A. variable costs. B. fixed costs

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