The standard cost of a product is:

Related MCQs

• The firm’s direct-labour rate variance was 4,800 unfavourable. Actual labour was 24,000 direct-labour hours, at a cost of 1,68,000, for 25,000 units of finished product that require 1 hour of direct labour each, at standard. What is the standard rate per direct-labour hour?
• In August actual material used amounted to 5,650 kg, budgeted output was 1,000 units and standard material usage was 5 kg per unit. Actual output was 1,075 units. If the standard material cost of each product is 25 the material efficiency variance will be:
• When calculating cost variances under a standard costing system we must:
• The organization budgeted 400,000 for 40,000 hours of direct labour to complete 16,000 units of finished product. The firm used 42,000 direct-labour hours and completed 17,000 units of finished product. What is the direct-labour rate variance?
• ------------ is the item of product. Job, process or customer for which cost are to be determined.
• Which of the following cost classification categories is almost identical to a relevant cost?
• Upstream cost, Down stream cost etc., are the concepts in---------------.
• ----------is the cost attribution to the cost unit on the basis of benefits received from indirect activities.
• ---------- cost is also known as hypothetical or notional cost.
• Which of the following is not an advantage of standard costing?