Express the Following Ratio in Its Lowest Terms $\frac{1}{8}: \frac{3}{4}$

question 96

Short Answer

Express the following ratio in its lowest terms:
$\frac{1}{8}: \frac{3}{4}$

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Definitions:

Materials Quantity Variance

The difference between the actual quantity of materials used in production and the expected quantity, multiplied by the standard cost per unit.

Variable Overhead Efficiency Variance

The difference between the actual variable overhead incurred and the standard cost allocated for the actual production achieved.

Labor Rate Variance

The difference between the actual cost of direct labor and the expected (or budgeted) cost, based on standard rates and actual hours worked.

Materials Price Variance

The difference between the actual cost of materials purchased and the expected (or standard) cost, used to assess cost management performance in procurement.