Examlex
The following standards have been established for a raw material used in the production of product N70:
Direct Material Quantity Variance
The difference between the budgeted amount of materials needed for production and the actual amount used, expressed in cost or quantity.
Standard Price
The predetermined cost that a company expects to pay for materials, labor, and other inputs, used as a benchmark for variance analysis.
Actual Grams
The real-world measurement of weight for materials used in a production or laboratory setting, as opposed to theoretical or estimated amounts.
Labour Efficiency Variance
The difference between the actual labor hours spent on production and the expected (or standard) labor hours, multiplied by the standard labor rate.
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