Standard Costs and Balanced Scorecard

According to the text, what is the primary difference between a standard and a budget?

Which of the following represents a normal standard, as opposed to an ideal standard?

For Xonic Beverage Company, what is the standard direct materials cost per gallon of Xonic Tonic?

What is the standard direct labor cost per gallon for Xonic Beverage Company?

What is the total standard cost per gallon for Xonic Tonic, as shown on its standard cost card?

A variance is considered unfavorable under what circumstance?

For Xonic Tonic, given actual costs of $55,000 and standard costs of $52,000 for producing 1,000 gallons, what is the total variance?

What is the formula for the materials price variance?

Xonic Company used 4,200 pounds of direct materials purchased at $3.10 per unit. The standard was 4,000 pounds at $3.00 per unit. What is the materials quantity variance?

In the Xonic Company example, the company incurred 2,100 direct labor hours at an average rate of $14.80. The standard was 2,000 hours at $15.00 per hour. What is the labor price variance?

In the Xonic Company example, the company incurred 2,100 direct labor hours at an average rate of $14.80. The standard was 2,000 hours at $15.00 per hour. What is the labor quantity variance?

What is the formula for the total overhead variance in a standard costing system?

For Xonic Company, actual overhead was $10,900. Overhead was applied based on 2,000 standard hours at a rate of $5 per hour. What is the total overhead variance?

How are variances typically presented in an income statement prepared for management?

Which of the following is NOT one of the four perspectives of the balanced scorecard?

The learning and growth perspective of the balanced scorecard primarily evaluates what?

Under a standard cost accounting system, what does the entry to record the purchase of raw materials on account for $13,020 (when standard cost is $12,600) include?

In the Xonic example in Appendix 25A, when raw materials are issued to production, what is the debit to Work in Process Inventory?

What is the overhead controllable variance?

For Xonic, actual overhead was $10,900. The flexible budget for the 2,000 standard hours allowed shows budgeted variable costs of $6,000 and budgeted fixed costs of $4,400. What is the overhead controllable variance?

The overhead volume variance answers which of the following questions?

For Xonic, normal capacity for June is 2,200 standard hours, and standard hours allowed for actual production were 2,000. The fixed overhead rate is $2 per hour. What is the overhead volume variance?

Which of the following is an advantage of using standard costs?

In setting the direct materials quantity standard, what allowances are typically included?

The overhead controllable variance primarily measures the performance of which department?