Matching
Match the following descriptions with the appropriate term.
Premises:
The difference between the total standard cost and the total actual cost
The difference between the actual price and the standard cost for materials multiplied by the actual quantity of materials used
The difference between the actual hours worked and the standard labor hours allowed fo the job multiplied by the standard cost per hour
Shows the per unit standard costs for materials, labor, and overhead
Explains the difference between standard cost and actual cost
The difference between actual and standard overhead costs
The difference between the actual labor rate per hour and the standard labor rate per hou multiplied by the actual number of hours worked on the job
The difference between the actual quantity used and the quantity of materials allowed multiplied by the standard cost of the materials
Responses:
Cost variance
Labor efficiency variance
Labor rate variance
Materials price variance
Materials quantity variance
Overhead variance
Standard cost card
Variance analysis
Correct Answer:
Premises:
Responses:
The difference between the total standard cost and the total actual cost
The difference between the actual price and the standard cost for materials multiplied by the actual quantity of materials used
The difference between the actual hours worked and the standard labor hours allowed fo the job multiplied by the standard cost per hour
Shows the per unit standard costs for materials, labor, and overhead
Explains the difference between standard cost and actual cost
The difference between actual and standard overhead costs
The difference between the actual labor rate per hour and the standard labor rate per hou multiplied by the actual number of hours worked on the job
The difference between the actual quantity used and the quantity of materials allowed multiplied by the standard cost of the materials
Premises:
The difference between the total standard cost and the total actual cost
The difference between the actual price and the standard cost for materials multiplied by the actual quantity of materials used
The difference between the actual hours worked and the standard labor hours allowed fo the job multiplied by the standard cost per hour
Shows the per unit standard costs for materials, labor, and overhead
Explains the difference between standard cost and actual cost
The difference between actual and standard overhead costs
The difference between the actual labor rate per hour and the standard labor rate per hou multiplied by the actual number of hours worked on the job
The difference between the actual quantity used and the quantity of materials allowed multiplied by the standard cost of the materials
Responses:
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