Match the Following Formulas or Descriptions with the Term A-E

question 170

Multiple Choice

Match the following formulas or descriptions with the term a-e it defines.
-Actual rate per hour - Standard rate per hour × Actual hours

• A)Direct materials price variance
• B)Direct labor rate variance
• C)Direct labor time variance
• D)Direct materials quantity variance
• E)Budgeted variable factory overhead

---

Definitions:

Input Prices

The cost of resources used in the production of goods or services, such as raw materials, labor, and overhead.

Production Function

A mathematical representation showing the relationship between input factors of production and the output of goods or services.

Lowest Cost

The minimal expense incurred in the production or procurement of goods or services, under efficient conditions.

Output

The quantity of goods or services produced within a given time period.