chapt 10

Question 1

standard costs

Answer 1

norms for measuring performance

Question 2

quantity standards

Answer 2

how much of an input should be used to make a product or provide a service.

Question 3

cost standards

Answer 3

how much should be paid for each unit of the input.

Question 4

change standards when managers….

Answer 4

decide existing standard is not a good measure of performance

Question 5

ideal standards happen when employees work at …

Answer 5

100%

Question 6

practical standards is for … employees

Answer 6

avg

Question 7

purchasing manager is responsible for

Answer 7

raw material purchase prices

Question 8

the production manager is responsible for

Answer 8

the quantity of raw material used.

Question 9

price vairance

Answer 9

Difference betweenactual price and standard price
= (actual quant x actual price) - (actual quant x stand price)

Question 10

quantity variance

Answer 10

Difference betweenactual quantity andstandard quantity

= (actual quant x stand price) - (stand quant x stand price)