The term standard cost refers to the:

Related MCQs

• The Carl Care Company established the following direct labour cost standards for one unit of product Z: •Standard hours: 1.5 hours •Standard rate: $20 per hour •Standard cost: $30 (1.5 hours @ $20 per hour) During the month of July, 20,000 direct labour hours were worked, and 12,500 units of product Z were manufactured. The total wages related to direct labour in July were $405,000. The direct labour rate variance for July was:
• XYZ factory working for 50 hours per week employs hundred workers on a job work. The standard output is 200 units per gang hour and standard rate is Rs 1 per hour. During a week in June, five employees were paid @ Rs 1.20 per hour and ten employees were paid @ 80 paise per hour. Rest of the employees were paid @ standard hour rate. The actual number of units produced was 10,200. Determine labour cost variance
• Given standard time per unit is 80 hours, standard time per hour @ Rs 1 per hour, actual time per unit is 90 hours and actual rate per hour @ Rs 1.10 per hour. Determine labour cost variance, labour rate variance and labour efficiency variance.
• To establish an effective system of standard costing it is essential that 1) The technical process of operation should be prone to planning 2) The cost of the products should be given 3) The process or operating costs of products should be provided 4) The standard costing should be consistent with the technical procedure of the production of the specific entity
• When the actual cost is less than the standard cost, the difference is termed as
• What are the objectives of Cost accounting?I)Cost Ascertainment II)Cost Control
• When selling price is Rs.200 Per unit, Variable Cost Rs.150 per unit and Fixed Cost is Rs.50000 at which capacity level the cost per unit would be minimum.
• Which of the following statements are true? (a) Marginal costing is not an independent system of costing. (b) In marginal costing all elements of cost are divided into fixed and variable components. (c) In marginal costing fixed costs are treated as product cost. (d) Marginal costing is not a technique of cost analysis.
• A Company has a material standard of 1 kg. per unit of output. Each kg. has a standard price of Rs.25 per kg. Company paid Rs.1,27,500 for 5000 kg., which they used to produce 4,700 units. What is the direct material price variance?
• Company has a material standard of 1.1 kg. per unit of output. Each kg. has a standard price of Rs.25 per. Company paid Rs.1,18,800? for 5,100 kg. which they used to produce 4,900 units. What is the direct materials quantity variance?