Which of the following best defines standard costing

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College Accounting, Chapters 1-27
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Chapter 24 / Exercise 1
College Accounting, Chapters 1-27
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3) Which of the following best defines standard costing? A) It is the same as actual costing but done in real time.B) It is a system that traces direct cost to output by multiplying actual process or rates by actual quantities of inputs + allocates overhead by on the basis of actual quantities of the allocation base used.C) It is a system that traces direct costs to output produced by multiplying the standard prices or rates by the standard quantities of inputs allowed for the actual output produced.D) It is a system that allocates overhead costs on the basis of standard overhead cost rates times the actual quantities of the allocation based used.Answer:
CDiff: 1Objective: 2AACSB: Analytical thinking4) Which of the following is the mathematical expression for the budgeted fixed overhead cost per unit of cost allocation base?
BDiff: 2Objective: 2AACSB: Analytical thinking5) In flexible budgets the costs that are not "flexed" because they remain the same within a relevant range of activity (such as sales or output) are called ________.
CDiff: 1Objective: 2AACSB: Analytical thinking
We have textbook solutions for you!
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College Accounting, Chapters 1-27
The document you are viewing contains questions related to this textbook.
Chapter 24 / Exercise 1
College Accounting, Chapters 1-27
Heintz/Parry
Expert Verified
6) Really Great Corporation manufactures industrial-sized landscaping trailers and uses budgeted machine-hours to allocate variable manufacturing overhead. The following information pertains to the company's manufacturing overhead data:Budgeted output units40,000 unitsBudgeted machine-hours10,000 hoursBudgeted variable manufacturing overhead costs for 40,000 units$310,000Actual output units produced36,500 unitsActual machine-hours used14,600 hoursActual variable manufacturing overhead costs$350,400What is the budgeted variable overhead cost rate per output unit?
C
Diff: 2Objective: 2AACSB: Application of knowledge

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