What was the actual usage of direct material during February?
What was the selling price variance for February?
What was the sales volume profit variance for February?
Explain what is meant by standard costing
Explain what is meant by a standard cost
Describe four types of standard.
Explain what is meant by a standard hour.
Give five possible sources of information from which a standard materials price may be estimated.
Explain what is meant by a cost variance?
What would an adverse materials price variance and a favourable materials usage variance indicate and what might this be caused by?