{"id":59297,"date":"2024-04-16T01:34:41","date_gmt":"2024-04-16T01:34:41","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=59297"},"modified":"2024-04-16T01:34:41","modified_gmt":"2024-04-16T01:34:41","slug":"material-usage-variance-standard-price","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/material-usage-variance-standard-price\/","title":{"rendered":"Material usage variance = standard price (. . . . . . . .)"},"content":{"rendered":"<p>\r\n    <!-- Check if it's an AMP page -->\r\n            <!-- Non-AMP version -->\r\n        <div class=\"mcq-container\" data-quiz-id=\"quizState_6a975168ef683\">\r\n                                            <div class=\"option\" data-option-key=\"option1\" data-is-correct=\"true\">\r\n                    Standard usage - actual usage                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option2\" data-is-correct=\"false\">\r\n                    Standard unit price - actual unit price                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option3\" data-is-correct=\"false\">\r\n                    Standard quantity                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option4\" data-is-correct=\"false\">\r\n                    Actual quantity                <\/div>\r\n                            \r\n            <!-- Feedback messages for non-AMP -->\r\n            <div class=\"feedback\" data-feedback=\"wrong\">Answer is Right!<\/div>\r\n            <div class=\"feedback\" data-feedback=\"right\">Answer is Wrong!<\/div>\r\n        <\/div>\r\n\r\n        <script>\r\n        document.addEventListener('DOMContentLoaded', function () {\r\n            var containers = document.querySelectorAll('.mcq-container');\r\n\r\n            containers.forEach(function(container) {\r\n                var options = container.querySelectorAll('.option');\r\n                var feedbackSelect = container.querySelector('[data-feedback=\"select\"]');\r\n                var feedbackWrong = container.querySelector('[data-feedback=\"wrong\"]');\r\n                var feedbackRight = container.querySelector('[data-feedback=\"right\"]');\r\n\r\n                options.forEach(function(option) {\r\n                    option.addEventListener('click', function() {\r\n                        var selectedOption = option.getAttribute('data-option-key');\r\n                        var isCorrect = option.getAttribute('data-is-correct') === 'true';\r\n\r\n                        \/\/ Remove previous selections\r\n                        options.forEach(function(opt) {\r\n                            opt.classList.remove('correct', 'incorrect');\r\n                        });\r\n\r\n                        \/\/ Add the correct\/incorrect class\r\n                        if (isCorrect) {\r\n                            option.classList.add('correct');\r\n                            feedbackRight.hidden = false;\r\n                            feedbackWrong.hidden = true;\r\n                        } else {\r\n                            option.classList.add('incorrect');\r\n                            feedbackRight.hidden = true;\r\n                            feedbackWrong.hidden = false;\r\n                        }\r\n\r\n                        \/\/ Hide select feedback\r\n                        feedbackSelect.hidden = true;\r\n                    });\r\n                });\r\n            });\r\n        });\r\n        <\/script>\r\n    \r\n    <!--more--><\/p>\n<p>The correct answer is: A. Standard usage &#8211; actual usage.<\/p>\n<p>The material usage variance is the difference between the actual quantity of materials used and the standard quantity of materials that should have been used, multiplied by the standard price per unit of material.<\/p>\n<p>The standard quantity of materials that should have been used is calculated by multiplying the standard production quantity by the standard material usage per unit of production.<\/p>\n<p>The actual quantity of materials used is the actual amount of materials that were used in production.<\/p>\n<p>The standard price per unit of material is the price that the company expects to pay for each unit of material.<\/p>\n<p>The material usage variance can be either favorable or unfavorable. A favorable variance occurs when the actual quantity of materials used is less than the standard quantity that should have been used. An unfavorable variance occurs when the actual quantity of materials used is more than the standard quantity that should have been used.<\/p>\n<p>The material usage variance can be caused by a number of factors, including:<\/p>\n<ul>\n<li>Changes in the production process<\/li>\n<li>Changes in the quality of materials<\/li>\n<li>Changes in the price of materials<\/li>\n<li>Errors in the production process<\/li>\n<li>Errors in the materials requisition process<\/li>\n<\/ul>\n<p>The material usage variance can be analyzed to identify the factors that caused <div class=\"youtube-subscribe-container\">\r\n        <a href=\"https:\/\/www.youtube.com\/channel\/UCNHT8lW-JmLC68rjBfZhdkg?sub_confirmation=1\" target=\"_blank\" class=\"youtube-subscribe-button\">\r\n            <span class=\"youtube-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 576 512\">\r\n                    <div class=\"telegram-channel-container\">\r\n        <a 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