Using the Accompanying Figure, Identify the Following Chart Elements: Chart

question 67

Essay

Using the accompanying figure, identify the following chart elements: chart sheet, chart title, Pie chart, data series, category names, exploded slice, and data labels.

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Definitions:

Materials Price Variance

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

Fixed Manufacturing Overhead

The portion of manufacturing overhead costs that do not vary with production volume, such as rent and salaries of supervisors.

Direct Labor Variances

The difference between the actual labor costs incurred and the standard labor costs for the actual production level.

Direct Labor

Refers to the wages paid to workers who are directly involved in the production of goods or services.