Variance Analysis
These two departments are responsible for price and quantity standards
What are the purchasing ad production department?
Direct Labor Standards include these two items
What is Rate and Hours?
Direct Materials Standards include these two items
What is Price and Quality?
Overhead can associated with what allocation base
What is Hours
Difference between actual price and standard price is called
What is price variance
Actual Hours times Actual Rate - Actual Hours times Standard Rate equals
What is Rate variance?
The quantity variance is computed only on the amount
What is used?
The quantity is the activity in the allocation base for predetermined overhead is called
What is the quantity standard?
Difference between actual quantity and standard quantity is called
What is quantity variance?
Actual Hours times Standard Rate - Standard Hours times Standard Rate equals
What is efficiency variance?
The price variance is computed on the entire quantity
What is purchased?
The rate is the variable portion of the predetermined overhead rate is called
What is price standard