___________ Are Statistical Methods of Analyzing the Relationship Between Two

question 30

Multiple Choice

___________ are statistical methods of analyzing the relationship between two variables.

• A)Bivariate techniques
• B)Univariate techniques
• C)Multivariate techniques
• D)None of the above

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Definitions:

Actual Direct Labour Rate

This measures the actual cost per hour of labor directly involved in the manufacturing process.

Materials Price Variance

The difference between the actual cost of direct materials purchased and the standard cost, multiplied by the quantity purchased.

Standard Quantity

The predetermined amount of materials or resources expected to be used in a production process or manufacturing of a product.

Standard Price

A predetermined cost that is set for materials, labor, and overhead to evaluate financial performance against actual costs.