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What is material cost variance?
The material cost variance denoting the difference between the standard cost of materials and actual cost of matrials. The material cost variance is between the standard material cost for actual production in units and actual cost. The total cost is usually determined by two differenct factors of influence viz quantity of materials utilized/ required and price of the materials. The fluctuations in the material cost are only due to the fluctuations in the utility of materials due to many factors. Material cost variance can be computed into two different ways: DIRECT METHOD AND INDIRECT METHOD material cost variance= Standard cost of materials for actual output- actual cost of raw materials. MCV=(S Q AO X SP)-(AQ X AP) Indirect Method: material cost variance= Material price variance (MPV)+Material usage Variance
How do you calculate cost efficiency?
say energy costs 5 cents and the efficiency is 0.1kwh cost= 0.1kwh x 0.05 cost= o.oo5cents
Where the actual cost is found to greater than the standard cost is known as?
adverse variance
How do you calculate retail when the cost and markup percent is given?
Retail = cost*(1+markup/100)
What does 5 books cost 24.00 what does one book cost?
24/5 books = 4.80 per book
Which statement describes an opportunity cost that could result from the government regulating businesses?
Government regulations can lead to an increase in production costs.
Will bought 3 college texbooks one cost 32 one cost 45 and one cost 39 what is the average price of his books choose the statement that correctly calculates?
The average price of his books are $38.67
Which statement accurately describes a long term cost of the Atlantic slave trade?
Entire African societies were destroyed in conflicts with slave traders. APEX
What is cost statement?
A cost statement refers to the breakdown of the cost for the final cost of the services to be analyzed for a particular period of time.
What is the difference between cost sheet and cost statement?
cost sheet is preapred before the manufactring and cost statement is prepared after manufactring.
Write a statement that describes a linear function?
Finding the final cost of an item that originally sold for x dollars but is marked down 40% and has an 8.25% tax rate.
What statement accurately describes how costs and benefits are calculated?
Calculations of cost and benefit are based on personal preferences.
Is Factory Overhead on income statement?
yes factory overhead is part of income statement and shown in cost of goods sold statement as a product cost.
Which statement BEST describes the situation between laborers and industrialists with regards to salaries during the late-1800s?
Laborers wages rose but so did expenses and the cost of living in industrial areas.
Which statement accurately describes a long-term cost of the Atlantic slave trade?
Entire African societies were destroyed in conflicts with slave traders. APEX
What is price chopper mission statement?
mission statement for cost effectivness
Will bought 3 college textbooks one cost32 one cost45 one cost 39 what is the average price of his books choose the statement that correctly calculates the average?
The answer is A. (32+45+39)/3
