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

Question 161

Matching

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

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:

(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
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