There Is No Difference in the Unit Costs Computed Under

question 42

True/False

There is no difference in the unit costs computed under the weighted-average and FIFO methods of process costing if there are no ending work in process inventories.

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Definitions:

Standard Hours

The set number of hours that is expected to be used to complete a certain task or job in a manufacturing or project setting.

Actual Hours

The real number of hours worked or spent on a specific task or project, as opposed to planned or estimated hours.

Direct Labour Rate Variance

The difference between the actual wages paid to workers and the standard cost of those wages for the actual hours worked.

Labour Efficiency Variance

A metric used to measure the difference between the actual hours worked and the standard hours expected to complete a task.