Examlex
Please define the following key terms. Show Who? What? Where? When? Why Important?
-Torah
Materials Quantity Variance
This refers to the difference between the expected amount of materials needed for production and the actual amount used, which can impact manufacturing costs.
Predetermined Overhead Rate
A calculated rate used to allocate manufacturing overhead costs to products or job orders, based on a specific activity basis.
Variable Overhead
Costs that fluctuate with the level of production output, such as utilities or materials, unlike fixed overhead costs.
Total Overhead Variance
The difference between the actual overhead costs incurred and the overhead costs that were applied or allocated based on standard costing procedures.
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