1. 8.1 What two components are needed to determine a standard for materials?
2. 8.1 What two components are needed to determine a standard for labor?
3. 8.1 What elements require consideration before establishing an overhead standard?
4. 8.1 What is a variance?
5. 8.2 What causes the material price variance?
6. 8.2 What causes the material quantity variance?
442 Chapter 8 Standard Costs and Variances
7. 8.2 What are some possible causes of a material price variance?
8. 8.2 What are some possible causes of a material quantity variance?
9. 8.3 What is the direct labor rate variance?
10. 8.3 What is the direct labor time variance?
11. 8.3 What are some possible causes of a direct labor rate variance?
12. 8.3 What are some possible causes of a direct labor time variance?
13. 8.3 How is the total direct labor variance calculated?
14. 8.4 What causes the variable overhead rate variance?
15. 8.4 What causes the variable overhead efficiency variance?
16. 8.4 What is the main difference between a flexible budget and a master budget?
17. 8.5 What causes a favorable variance?
18. 8.5 What causes an unfavorable variance?
19. 8.5 When might a favorable variance not be a good outcome?
20. 8.5 When might an unfavorable variance be a good outcome?
21. 8.5 Identify several causes of a favorable material price variance.
22. 8.5 Identify several causes of an unfavorable material price variance.
23. 8.5 Identify several causes of a favorable material quantity variance.
24. 8.5 Identify several causes of an unfavorable material quantity.
25. 8.5 Identify several causes of a favorable labor rate variance.
26. 8.5 Identify several causes of an unfavorable labor rate variance.
27. 8.5 Identify several causes of a favorable labor efficiency variance.
28. 8.5 Identify several causes of an unfavorable labor efficiency variance