tb chap 7 - 1. In developing a standard cost for materials,...

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1. In developing a standard cost for materials, known factors about materials must include: a. direct labor costs. b. input quality. c. direct materials cost. d. indirect material costs. correct: b 2. Industrial engineering studies for various movements are used in preparing: a. an operations flow document. b. a bill of materials. c. labor standards. d. material standards. correct: c 3. Total quality management (TQM) and just-in-time (JIT) production systems: a. are based on acceptable standards. b. begin with the premises of zero defects, zero inefficiency, and zero downtime. c. evolved as a result of the adoption of technology in China. d. fall under the management-by-exception principle, and accept a generous level of deviation from ideal standards. correct: b 4. Total material variance from the standard cost is calculated by considering only the: a. actual price of actual production inputs less the standard price of actual production outputs. b.
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tb chap 7 - 1. In developing a standard cost for materials,...

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