A(n) ____________________ Data Table Has Two Lists of Input Values

question 145

Short Answer

A(n) ____________________ data table has two lists of input values and one formula that refers to the two different input cells.

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Definitions:

Materials Price Variance

This measures the difference between the actual cost of materials used in production and the standard cost expected for those materials, indicating how efficiently an organization is purchasing materials.

Labor Rate Variance

The difference between the actual cost of direct labor and the expected (or standard) cost, calculated as (Actual rate - Standard rate) x Actual hours.

Standard Hourly Rate

The predetermined cost per hour for labor, used in budgeting and costing to assign labor costs to products and services.

Standard Quantity

The budgeted or pre-determined amount of material or input expected to be used during a manufacturing process.