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ioda
3 years ago
6

Standard costs are used in the calculation of: Multiple Choice Quantity and sales variances. Price variances only. Price, quanti

ty, and sales variances. Price and quantity variances. Quantity variances only.
Business
1 answer:
Tju [1.3M]3 years ago
8 0

Answer:

Price and quantity variances.

Explanation:

Standard cost in business management refers to the amount of money a product is supposed to cost in manufacturing it. It is a management tool that can be used to measure efficiency in the level of output or production of goods and services at a specific period of time.

In Financial accounting, the difference between the actual cost of each unit of a product and its standard cost is referred to as variance. In order to determine the standard cost of a product, the expected quantity of the product is multiplied by an expected price.

Standard costs are used in companies for a variety of reasons such as;

1. They're used to estimate the cost of an inventory.

2. They're used to plan direct labor, variable factory overhead and direct materials.

3. Standard costs are used to control costs.

However, standard costs cannot be used to indicate where changes in technology and machinery need to be made rather an actual cost should be used.

Additionally, the standard cost of each unit of a product manufactured in a business firm is categorized into two (2) and these are;

I. Price standard.

II. Quantity standard.

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Explanation:

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3 years ago
GNI PPP, or gross national income divided by purchasing power parity, helps measure:
Mekhanik [1.2K]

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3 years ago
A firm purchased 50 units of materials with a unit price of $1.30 on June 1. On June 15, the firm purchased 50 units with a unit
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Answer: $83

Explanation:

Given that,

On 1 June,

Materials purchased = 50 units

Unit price of material = $1.30

On June 15,

Materials purchased = 50 units

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Total cost of 65 units:

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