For Each Historical Identification Question, Define the Term and Briefly

question 36

Short Answer

For each historical identification question, define the term and briefly describe its historical significance.
Bartholomeu Dias

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Definitions:

Materials Price Variance

The difference between the actual cost of materials and the expected (standard) cost, often used to assess purchasing performance.

Labor Rate Variance

The variance between the real labor expenses incurred and the anticipated standard labor costs for the achieved production output.

Variable Overhead Efficiency Variance

The difference between the actual variable overhead costs incurred and the expected (or standard) costs, based on the efficient use of resources.

Standard Cost Variances

The difference between the actual costs incurred and the standard costs pre-established for manufacturing or production.