Match Each of the Following Formulas or Descriptions with the Term

question 137

Multiple Choice

Match each of the following formulas or descriptions with the term (a-e) it defines.
-(Actual Rate per Hour - Standard Rate per Hour) × Actual Hours

• 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:

Invoice Price

The initial price listed by the manufacturer or supplier on the invoice, before any discounts, allowances, or additional charges are applied.

Credit Terms

The terms that govern the timing and conditions of payment between buyers and sellers in credit transactions.

Credit Sale

A transaction where goods or services are provided to a customer with the agreement that payment will be made at a future date.

Return

The income generated from an investment, or the act of returning goods to the seller for a refund or exchange.