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Variable Overhead Rate Variance
The difference between the actual variable overhead incurred and the standard overhead estimated, based on the actual level of activity.
Variable Overhead Efficiency Variance
The difference between the actual variable overhead incurred and the standard variable overhead based on the actual level of activity, reflecting efficiency in using overhead resources.
Variable Overhead Efficiency Variance
The difference between the actual variable overhead costs incurred and the standard variable overhead costs, based on efficient use of resources.
Labor Rate Variance
The difference between the actual hourly wage paid to workers and the expected (or standard) wage rate, multiplied by the total hours worked.
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