ACC406 Midterm 2 Formulas Exam UPDATED ACTUAL QUESTIONS AND CORRECT ANSWERS

ACC406 Midterm 2 Formulas Exam
UPDATED ACTUAL QUESTIONS AND
CORRECT ANSWERS
Cost Assigned to Product= - CORRECT ANSWER Predetermined Activity Rate x Actual
Usage of Activity



Standard Cost Per Unit= - CORRECT ANSWER Quantity Standard x Price Standard



Standard Quality of Materials Allowed (SQ)= - CORRECT ANSWER Unit Quantity Standard x
Actual Output



Standard Hours Allowed (SH)= - CORRECT ANSWER Unit Labour Standard x Actual Output



Planned Cost= - CORRECT ANSWER Standard Price per unit (SP) x Standard Quality of Input
(SQ)



Actual Cost= - CORRECT ANSWER Actual Price per unit (AP) x Actual Quantity of Materials
Purchased (AQ)



Total Budget/Materials Variance= - CORRECT ANSWER Actual Cost - Planned Cost



Materials Price Variance (MPV)= - CORRECT ANSWER (Actual Cost per unit - Standard
Price per unit) x Actual Quantity



Materials Usage Variance (MUV)= - CORRECT ANSWER (Actual Quantity - Standard
Quantity) x Standard Price per unit



Total Labour Variance= - CORRECT ANSWER (Actual hr Wage Rate x Actual Direct Labour
hr Used) - (Standard hr Wage Rate x Standard hrs allowed)