Examlex
_____ consists of a job's content,the methods that are used on the job,and the way in which the job relates to others in the organization.
Labor Efficiency Variance
The difference between the actual labor hours used and the standard hours expected for the production level achieved.
Materials Quantity Variance
The difference between the actual quantity of materials used in production and the standard quantity expected, multiplied by the standard cost per unit of material.
Standard Material
The predetermined quantity and cost of materials expected to be used in producing a unit of product, used as a benchmark for cost control.
Materials Price Variance
The difference between the actual cost of materials and the expected (standard) cost of materials used in production.
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