Please Define the Following Key Terms

question 66

Essay

Please define the following key terms. Show Who? What? Where? When? Why Important?
-Karl Jaspers

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Definitions:

Direct Materials Quantity Variance

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

Direct Materials Price Variance

The difference between the actual cost of direct materials and the expected (or standard) cost, used in manufacturing and budgeting.

Direct Materials Quantity Variance

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

Total Cost Variance

The overall difference between the actual costs incurred and the standard or budgeted costs, across all categories of expenses.