Questions from Managerial Accounting

Q: Make a detailed list of all the materials needed to make your

Make a detailed list of all the materials needed to make your product. Include quantities needed of each material. Also include the cost of the material on a per-unit basis

Q: What advantages might a company experience if it adopts ideal standards for

What advantages might a company experience if it adopts ideal standards for its direct material standards and direct labor standards? What advantages are there to using practical standards? As an empl...

Q: What does the direct materials price variance measure? Who is generally

What does the direct materials price variance measure? Who is generally responsible for the direct materials price variance? Describe two situations that could result in a favorable materials price va...

Q: Use the data you collected in Requirement 2 to calculate each segment’s

Use the data you collected in Requirement 2 to calculate each segment’s sales margin. Interpret your results.

Q: What does the direct materials quantity variance measure? Who is generally

What does the direct materials quantity variance measure? Who is generally responsible for the direct materials quantity variance? Describe two situations that could result in a favorable direct mater...

Q: What does the direct labor rate variance measure? Who is generally

What does the direct labor rate variance measure? Who is generally responsible for the direct labor rate variance? Describe two situations that could result in a favorable labor rate variance. Describ...

Q: What does the direct labor efficiency variance measure? Who is generally

What does the direct labor efficiency variance measure? Who is generally responsible for the direct labor efficiency variance? Describe two situations that could result in a favor-able direct labor ef...

Q: What are the two variable manufacturing overhead variances? What does each

What are the two variable manufacturing overhead variances? What does each measure? Who within the organization would be responsible for each of these variances?

Q: Describe at least four ways a company could use standard costing and

Describe at least four ways a company could use standard costing and variance analysis.

Q: Classify each cost you identified in the value chain as being either

Classify each cost you identified in the value chain as being either a product cost or a period cost. Explain your justification.