Start learning →

Sort the variances

Exercise and reference answers

Items
  1. Category
    Materials
    Item
    Price variance
  2. Category
    Materials
    Item
    Quantity used
  3. Category
    Materials
    Item
    Cost per kilo
  4. Category
    Labor
    Item
    Rate paid
  5. Category
    Labor
    Item
    Time taken
  6. Category
    Labor
    Item
    Hours worked
Categories
  1. Materials
  2. Labor
Instructions
Send each variance down the chute of the input it belongs to.

Explanation

_Source: OpenStax Principles of Accounting, Volume 2: Managerial Accounting (CC BY-NC-SA 4.0), Ch 8 'Standard Costs and Variances'_
Continue learning with Quill →

Browse more US CMA Part 1 questions and exercises →