Tags Statistics

Animals & Plants Arts & Entertainment Auto Beauty & Health Books and Literature Business Electronics Engineering & Technology Food & Drink History Hobbies Jobs & Education Law & Government Math People & Society Science Social Studies Sports Travel & Places

0

Subjects>Math>Statistics

Which department is often responsible for the direct materials price variance?

Anonymous

∙ 10y ago

Updated: 4/28/2022

Receiving can affect direct materials price variances if there is no inventory. The accounting department will mark up prices to reflect a shortage.

Wiki User

∙ 10y ago

Still curious? Ask our experts.

Chat with our AI personalities

Jordan

Looking for a career mentor? I've seen my fair share of shake-ups.

Chat with Jordan

Taiga

Every great hero faces trials, and you—yes, YOU—are no exception!

Chat with Taiga

Rene

Change my mind. I dare you.

Chat with Rene

Add your answer:

Earn +20 pts

Q: Which department is often responsible for the direct materials price variance?

Write your answer...

Submit

Still have questions?

imp

Continue Learning about Statistics

What is material cost variance?

The material cost variance denoting the difference between the standard cost of materials and actual cost of matrials. The material cost variance is between the standard material cost for actual production in units and actual cost. The total cost is usually determined by two differenct factors of influence viz quantity of materials utilized/ required and price of the materials. The fluctuations in the material cost are only due to the fluctuations in the utility of materials due to many factors. Material cost variance can be computed into two different ways: DIRECT METHOD AND INDIRECT METHOD material cost variance= Standard cost of materials for actual output- actual cost of raw materials. MCV=(S Q AO X SP)-(AQ X AP) Indirect Method: material cost variance= Material price variance (MPV)+Material usage Variance

Can you have a negative coefficient in a direct variation?

Yes, you can have a negative coefficient in a direct variation. So if you had y = -7x, that would be a direct variation. If you have y = -x, I do not know, if that is what you mean. Hope it helped.

When do you use direct method in statistics?

There are two type of direct method one is used in grouped data and second one used in ungrouped data

What are the differences between direct access and random access?

Direct access means going straight to the record you want,and random access means pick data randomly and then find that data which you required.http://wiki.answers.com/Difference_between_direct_and_sequential_access#ixzz1685bfqda

What is the difference between the direct and indirect methods of determining generation time with a growth curve?

In the direct method, the cells are enumerated by determining colony-forming units on a Petri dish; in the indirect method, the cell numbers are approximated using a spectrophotometer.

Trending Questions

Explain the importance of ANOVA in the field of Pharmaceutical Science.? Given that Z is a standard normal random variable What is the value of Z if the area to the right of Z is 0.1401? What graph would be the best way to show the percentage of technology companies being traded each day? What statistics are needed to draw a box plot? What is a highest count of micrometer caliper? When the production manager finds the average life of her battery-lifetime data it is an example of what phase of inferential statistics? What is 11.475 rounded to the nearest hundredth? When a survey of 12 people at a bookstore showed that five had purchased a hardcover book If seven people are selected at random what is the probability that four of them had purchased a hardcoverbook? What is a 25 digit number called? What is the probability of drawing three kings in a row from a standard deck of cards when the drawn card is not returned to the deck each time? Does the probability of the type 1 error increase as the sample size increases? What is cotton's 2 step process? Why is the standard normal distribution important in statistical analysis? What level of measurement is the variable major? What statistics does NFL odds provide in addition to its spreads? What is intraprobability? Which Access component is best for data presentation? How do you calculate stripping ratio for Open Pit Mines? How many pounds do you suppose to weight at 10 years old? What has 50 heads but no tails?

Related Questions

What does a favorable direct materials efficiency variance indicate?

A favorable direct materials efficiency variance indicates that you are using less material in production than was budgeted for.

Why a favorable direct materials price variance might be of concern?

A favorable direct materials price variance may be the result of the purchase of cheaper materials that may be of inferior quality, thereby causing an inferior product. An inferior quality can also cause more spoilage and waste.

What are the Causes of direct material quantity variance?

An unfavorable materials quantity variance means excessive use of direct materials. The excessive use of direct materials may be the result of a number of reasons including: inexperienced or untrained workers, lack of motivation, lack of proper supervision, use of outdated machinery, faulty equipment, purchase of unsuitable or substandard materials, and frequent power failures.

Causes of direct material quantity variance?

Some causes of direct material quantity variance are poor quality materials, untrained workers, and lack of supervision. Production managers should look at and determine the causes.

Why are variances generally segregated in terms of a price variance and an efficiency variance?

Efficiency Varian materials and direct labor, the variances were recorded in specific general ledger accounts.

What causes direct labour rate variance?

Direct labor rate variance is caused by a change in the hourly rate from what you initially planned.

What is material cost variance?

The material cost variance denoting the difference between the standard cost of materials and actual cost of matrials. The material cost variance is between the standard material cost for actual production in units and actual cost. The total cost is usually determined by two differenct factors of influence viz quantity of materials utilized/ required and price of the materials. The fluctuations in the material cost are only due to the fluctuations in the utility of materials due to many factors. Material cost variance can be computed into two different ways: DIRECT METHOD AND INDIRECT METHOD material cost variance= Standard cost of materials for actual output- actual cost of raw materials. MCV=(S Q AO X SP)-(AQ X AP) Indirect Method: material cost variance= Material price variance (MPV)+Material usage Variance

How does poor quality materials affect direct labor variance?

If poor quality materials are used it may cause insufficient demand for the products. Insufficient demand may not keep workers busy. If the workers are not being laid off, and unfavorable labor efficiency variance will often be recorded.

What is direct labor variance?

It means the difference between the budgeted or estimated direct labour cost at the start of work activity with the actual direct labour cost at the end of activity or fiscal year. If budgeted cost is more then the actuall then it is favourable variance otherwise it is unfavourable direct labour cost variance

What are the causes direct material quantity variance?

what are some of the causes of material quntity variance of favourable amount

Do prior department costs behave similarly to direct materials cost?

Prior department costs behave the same as direct materials, which are typically added at the start of production. They are treated separately because they represent the accumulation of costs from previous departments rather than the receipt of materials from the stores area. It is helpful to separate prior department costs from other costs because the manager of the department receiving the transferred units has no control over the costs incurred in prior departments. Thus, the prior department costs are not useful for evaluating the performance of the manager of the department receiving the units.

What does an unfavorable direct labor price variance indicate?

Unfavorrable direct labor price variance indicates that business has incurred more direct labor cost for production of units of product then standard labor cost. For example if standard cost of direct labor for producing 1 unit is 10 and company incurred 105 for making 10 units then extra 5 is unfavorable direct labor cost variance.

Resources

Top Categories

Product

Company

Copyright ©2025 Infospace Holdings LLC, A System1 Company. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Answers.