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Match the Following Formulas or Descriptions with the Term (A-E)

Question 13

Matching

Match the following formulas or descriptions with the term (a-e) it defines.

Premises:

Responses:

(Actual rate per hour - Standard rate per hour) × Actual hours

Direct labor rate variance

(Actual direct hours - Standard direct hours) × Standard rate per hour

Direct materials quantity variance

Standard variable overhead for actual units produced

Direct labor time variance

(Actual price - Standard price) × Actual quantity

Direct materials price variance

(Actual quantity - Standard quantity) × Standard price

Budgeted variable factory overhead

Premises:

(Actual rate per hour - Standard rate per hour) × Actual hours

(Actual direct hours - Standard direct hours) × Standard rate per hour

Standard variable overhead for actual units produced

(Actual price - Standard price) × Actual quantity

(Actual quantity - Standard quantity) × Standard price

Responses:

Direct labor rate variance

Direct materials quantity variance

Direct labor time variance

Direct materials price variance

Budgeted variable factory overhead

Correct Answer:

Premises:

Responses:

(Actual rate per hour - Standard rate per hour) × Actual hours

(Actual direct hours - Standard direct hours) × Standard rate per hour

Standard variable overhead for actual units produced

(Actual price - Standard price) × Actual quantity

(Actual quantity - Standard quantity) × Standard price