Match Each of the Following Formulas or Descriptions with the Term

question 10

Multiple Choice

Match each of the following formulas or descriptions with the term (a-e) it defines.
-(Actual Price - Standard Price) × Actual Quantity

• A)Direct materials price variance
• B)Direct labor rate variance
• C)Direct labor time variance
• D)Direct materials quantity variance
• E)Budgeted variable factory overhead

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Definitions:

Cost Of Production Report

A document detailing the total cost incurred during the production of goods, including material, labor, and overhead expenses.

Work In Process

Inventory that is in the production process and is not yet complete; it includes raw materials, labor, and overhead costs incurred for products that are at various stages of production.

Direct Materials

Raw materials that are directly used in the production of a product and can be easily traced to the finished product.

Conversion Costs

Sum of labor costs and overhead expenses associated with the transformation of raw materials into finished goods.