The standard quantity allowed of an input per unit of a specific product, multiplied by the standard price of the input.
Standard cost per unit
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lifesaver
Give 20 points!
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fairy
Take points!
5
10
15
20
25
rocket
Go to first place!
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baam
Lose 20 points!
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15
The difference between the actual labor-hours taken to complete a task and the standard hours allowed for the actual output, multiplied by the standard hourly labor rate.
Labor efficiency variance
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15
The difference between the actual quantity of materials used in production and the standard quantity allowed for the actual output, multiplied by the standard price per unit of materials.
Materials quantity variance
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15
The difference between the actual level of activity (direct labor-hours, machine-hours, or some other base) and the standard activity allowed, multiplied by the variable part of the predetermined overhead rate.
Variable overhead efficiency variance
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seesaw
Swap points!
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gift
Win 15 points!
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rocket
Go to first place!
Okay!
lifesaver
Give 25 points!
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15
A variance that is computed by taking the difference between the actual price and the standard price and multiplying the result by the actual quantity of the input.
Price variance
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15
A detailed listing of the standard amounts of inputs and their costs that are required to produce one unit of a specific product.
Standard cost card
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15
The difference between a direct materialâs actual price per unit and its standard price per unit, multiplied by the quantity purchased.
Materials price variance
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15
The difference between the actual hourly labor rate and the standard rate, multiplied by the number of hours worked during the period.
Labor rate variance
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15
The difference between the actual variable overhead cost incurred during a period and the standard cost that should have been incurred based on the actual activity of the period.
Variable overhead rate variance
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15
A variance that is computed by taking the difference between the actual quantity of the input used and the amount of the input that should have been used for the actual level of output and x the result by the standard price of the input.