I Total direct materials cost variance is the sum of the direct materials ______
ID: 2461767 • Letter: I
Question
I Total direct materials cost variance is the sum of the direct materials _________ variance and the direct materials ____________ variance.
A Direct Materials Price Variance = (________ Price – _________ Price) × Actual Quantity
B Direct Materials Quantity Variance = Standard Price × (Standard Quantity Allowed – _________ Quantity)
X. Total direct labor cost variance is the sum of the direct labor ______ variance and the direct labor ___________ variance.
A}. Direct Labor Rate Variance = (________ Rate – _______ Rate) × Actual Hours
B}. Direct Labor Efficiency Variance = Standard Rate × (Standard Hours Allowed – ________ Hours)
XI. The total overhead variance is divided into two parts:
A{C}{C}{C}. ________ overhead variances
B{C}{C}{C}. ________ overhead variances
Explanation / Answer
1 Total direct materials cost variance is the sum of the direct materials _PRICE_ variance and the direct materials _ QUANTITY variance. 2 Direct Materials Price Variance = ( STANDARD__ Price – ACTUAL__ Price) × Actual Quantity 3 Direct Materials Quantity Variance = Standard Price × (Standard Quantity Allowed – __ACTUAL__ Quantity) 4 total direct labor cost variance is the sum of the direct labor PRICE_ variance and the direct labor EFFICIENCY_ variance. Direct Labor Rate Variance = (STANDARD_ Rate – _ACTUAL_ Rate) × Actual Hours Direct Labor Efficiency Variance = Standard Rate × (Standard Hours Allowed – _ACTUAL_ Hours) The total overhead variance is divided into two parts: VARIABLE_ overhead variances _FIXED_ overhead variances 1
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