Definition

Term

a$.$ Measures the difference between the actual fixed MOH costs incurred and the budgeted fixed MOH costs

$1.$ Direct labor rate variance

b$.$ Tells managers how much of the total variance is due to using a greater or lesser amount of time being worked than anticipated

$1.$ Direct labor rate variance

c$.$ Tells managers how much of the total variance is due to paying a different price than expected for direct materials

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d$.$ Tells managers how much of the total variable MOH variance is due to using more or less hours of the allocation base than anticipated for the actual volume of output

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e$.$ Measures the difference between the budgeted fixed MOH costs and the standard allocated fixed MOH costs

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f$.$ Tells managers how much of the total variance is due to paying a different hourly wage rate than anticipated

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g$.$ Also known as attainable standards

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h$.$ Also called the variable overhead spending variance

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i$.$ Tells managers how much of the total variance is due to using a different quantity of direct materials than expected

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j$.$ Standards based on conditions that do not allow for any waste in the production process

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k$.$ The budgeted cost for a single unit of product