Author Question: Match the following terms relating to a standard costing system to the appropriate statement by ... (Read 435 times)

rissygurl1124 · **on:** Feb 5, 2023

Match the following terms relating to a standard costing system to the appropriate statement by placing the letter to the left of each statement.

a.

Direct labor efficiency variance

f.

Fixed overhead volume variance

b.

Direct labor rate variance

g.

Normal costing system

c.

Direct material price variance

h.

Standard costing system

d.

Direct material quantity variance

i.

Variable overhead efficiency variance

e.

Fixed overhead spending variance

j.

Variable overhead spending variance

______

1.

The difference between actual variable overhead incurred and variable

overhead applied

______

2.

System in which direct materials and direct labor are recorded at actual cost

and overhead is applied to products using a predetermined overhead rate

______

3.

Occurs when actual activity differs from the expected level of activity

______

4.

The difference between the actual and standard rate of pay times the number

of hours actually worked

______

5

Variance recorded when materials are purchased

______

6.

The difference between budgeted and actual fixed overhead costs

______

7.

System in which all product costs are recorded at standard cost while the

products are being made

______

8.

The difference between variable overhead applied and the standard variable

overhead

______

9.

Variance recorded when materials are transferred to the production floor

______

10.

The difference between actual hours worked and standard hours allowed

times the standard rate of pay

ElaneShive · **Reply #1 on:** Feb 5, 2023

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