Standard costs are: Multiple Choice Actual costs incurred to produce a specific product or perform a service. Preset costs for delivering a product or service under normal conditions. Established by the IMA. Rarely achieved. Uniform among companies within an industry.

Select the correct answers. mila is at a flea market. she has $50 in her wallet. she decides that she will spend $15 on jewelry, $20 on a pair of jeans, $5 on a t-shirt, and $10 on something to eat. she likes a one-of-a-kind t-shirt, but the seller is not ready to sell it for less than $8. she thinks of five ways to deal with this situation. which two choices indicate a trade-off?

Abbington company has a manufacturing facility in brooklyn that manufactures robotic equipment for the auto industry. for year 1, abbingtonabbington collected the following information from its main production line: actual quantity purchased-200 units, actual quantity used-110 units, units standard quantity-100 units, actual price paid-$8 per unit, standard price-$10 per unit. atlantic isolates price variances at the time of purchase. what is the materials price variance for year 1? 1. $400 favorable. 2. $400 unfavorable. 3. $220 favorable. 4. $220 unfavorable.

Right medical introduced a new implant that carries a five-year warranty against manufacturer’s defects. based on industry experience with similar product introductions, warranty costs are expected to approximate 2% of sales. sales were $8 million and actual warranty expenditures were $42,750 for the first year of selling the product. what amount (if any) should right report as a liability at the end of the year?