Match the Variance with Its Correct Calculation

question 183

Multiple Choice

Match the variance with its correct calculation.
-Labor Efficiency Variance

• A)Actual Quantity × Actual Price
• B)(Actual Hours × Actual Rate) − (Standard Hours × Standard Rate)
• C)(Actual Quantity × Actual Price) − (Standard Quantity × Standard Price)
• D)(Actual Hours − Standard Hours) × Standard Rate
• E)(Actual Price − Standard Price) × Actual Quantity
• F)Standard Quantity × Standard Price
• G)(Actual Rate − Standard Rate) × Actual Hours
• H)(Actual Quantity − Standard Quantity) × Standard Price

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Definitions:

Total Revenue

The total receipts from sales of goods or services before any expenses are deducted.

Price

The amount of money required to purchase a product or service, set by the interaction of supply and demand.

Perfectly Elastic

A market situation where a small change in price leads to an infinite change in the quantity demanded or supplied.

Supply Curve

A graph depicting the relationship between the price of a good and the quantity of the good that suppliers are willing and able to sell, typically upward sloping.