Examlex
Total inventory-related cost consists of ordering cost and carrying cost.
Materials Price Variance
The difference between the actual cost of materials and the standard (or expected) cost, indicating how much more or less was spent on materials than was planned.
Labor Rate Variance
The difference between the actual cost of labor and the budgeted cost of labor at the standard rate.
Variable Overhead Rate Variance
The difference between the actual variable overhead incurred and the expected variable overhead based on standard cost accounting.
Variable Overhead Rate Variance
The difference between the actual variable overhead incurred and the expected variable overhead based on the predetermined rate.
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