8. Which function is normally responsible for sales price variances? a. marketing b. administration c. production d. top management 9. Describe the basic decision that management must make when considering whether to investigate a variance. 10. ‘‘Manage by exception’’ is a term often used by management. How can the analysis of variances assist in this process? 11. Why should management want to divide variable production cost variances into price and efficiency variances? 12. Why are the variances for fixed costs different from the variances for variable costs? 13. For control purposes, why is an efficiency variance not calculated for fixed manufacturing overhead? 14. The price variance is calculated with which of the following? a. AQ x (AP - SP) b. SQ x (AP - SP) c. AP x (AQ - SQ) d. SP x (AQ - SQ) 15. A firm incurred fixed manufacturing overhead costs of $500,000 for the year. Fixed overhead applied to units produced during the year totaled $600,000. What are some of the reasons for this difference?
Solution ID:10137734 | Question answered on 16-Oct-2016
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