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The first step in building an entity-relationship diagram (ERD) is .
Variable Overhead Rate Variance
The difference between the actual variable overhead incurred and the expected (or standard) cost allocated to production, based on the standard variable overhead rate.
Labor Rate Variance
The difference between the actual cost of labor and the expected (or standard) cost, used to measure the efficiency and cost management in labor use.
Labor Efficiency Variance
The difference between the actual hours worked and the standard hours expected to produce a certain amount of output, multiplied by the standard labor rate.
Variable Overhead Rate Variance
The difference between the actual variable overhead incurred and the expected overhead based on standard rates.
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