Examlex
Which of the following is provided in a typical chart of accounts?
Materials Quantity Variance
The difference between the actual quantity of materials used in production and the expected amount, which can indicate efficiency or waste.
Materials Price Variance
The difference between the actual cost of materials purchased and the expected cost, based on standard prices.
Labor Rate Variance
The difference between the actual cost of labor and the expected (or standard) cost, based on the hours worked.
Labor Rate Variance
A specific type of variance that measures the difference between the actual hourly wage paid to workers and the standard rate expected.
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