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The difference between variable factory overhead incurred and total standard variable factory overhead based on the actual quantity of the cost driver for applying the overhead is the?
cheatFAIL
What are the two variances between the actual cost and the standard cost for direct labor?
The two variances between the actual cost and the standard cost for direct labor are the labor rate variance and the labor efficiency variance. The labor rate variance measures the difference between the actual hourly wage paid and the standard wage expected, multiplied by the actual hours worked. The labor efficiency variance assesses the difference between the actual hours worked and the standard hours allowed for the actual production, valued at the standard hourly rate. These variances help businesses analyze their labor costs and operational efficiency.
How do you calculate yields variances material and labor cost.?
To calculate yield variances for material and labor costs, first determine the standard costs and actual costs incurred. For material yield variance, subtract the standard quantity of materials allowed for the actual output from the actual quantity used, then multiply by the standard cost per unit. For labor yield variance, compare the standard hours allowed for the actual output with the actual hours worked, and multiply the difference by the standard labor rate. This analysis helps identify inefficiencies in production processes.
What variance is the difference between the actual sales and the flexible budget sales?
Actual sales (quantity ) = flexible budget sales (quantity ) , because the flexible budget is prepared based on the actual activity level (units sold ) to avoid misleading of compering the static budget sales and actual sales
Difference between histotical cost and standard cost?
Standard cost is the cost which is basis to measure the actual cost historical cost is the initial cost
When computing standard cost variances the difference between actual and standard price multiplied by actual quantity yields what?
Price Variance
what is Direct material variance?
Direct material variance refers to the difference between the actual cost of direct materials used in production and the standard cost that was expected to be incurred. It is typically divided into two components: the price variance, which measures the difference between the actual price paid for materials and the standard price, and the quantity variance, which assesses the difference between the actual quantity of materials used and the standard quantity expected for the actual level of production. Analyzing this variance helps businesses identify inefficiencies and cost management issues in their production processes.
What level of closeness between a measured quantity and the actual or standard value?
Accuracy is the level of closeness between a measured quantity and the actual or standard value. It indicates how well a measurement represents the true value of the quantity being measured.
The difference between variable factory overhead incurred and total standard variable factory overhead based on the actual quantity of the cost driver for applying the overhead is the?
cheatFAIL
What is the zero value in quantity surveying?
Difference between BOQ cost and actual cost (after execution)
Difference between standard cost actual cost and normal cost?
prices
What is the difference between the standard and gendic preparation?
In standard preperation the quantity of medicament is full (thats is written on the outside of the wrapper that is also present in the tablet or capsule or in any preperation) while in the gendic preperation the quantity of medicament is not fulled (In this if out side of the wrap is written 20 mg. but in the actual preperation only 10 mg or 12 mg present) that is differance between the standard and gendic......
What is favourable?
A favorable variance is the difference between the budgeted or standard cost and the actual cost. If the actual cost is less than budgeted or standard cost, it is a favorable variance.
What are the two variances between the actual cost and the standard cost for direct labor?
The two variances between the actual cost and the standard cost for direct labor are the labor rate variance and the labor efficiency variance. The labor rate variance measures the difference between the actual hourly wage paid and the standard wage expected, multiplied by the actual hours worked. The labor efficiency variance assesses the difference between the actual hours worked and the standard hours allowed for the actual production, valued at the standard hourly rate. These variances help businesses analyze their labor costs and operational efficiency.
How do you calculate yields variances material and labor cost.?
To calculate yield variances for material and labor costs, first determine the standard costs and actual costs incurred. For material yield variance, subtract the standard quantity of materials allowed for the actual output from the actual quantity used, then multiply by the standard cost per unit. For labor yield variance, compare the standard hours allowed for the actual output with the actual hours worked, and multiply the difference by the standard labor rate. This analysis helps identify inefficiencies in production processes.
What is the difference between standard error and standard deviation?
Standard error is the difference between a researcher's actual findings and their expected findings. Standard error measures the accuracy of one's predictions. Standard deviation is the difference between the results of one's experiment as compared with other results within that experiment. Standard deviation is used to measure the consistency of one's experiment.
What is favourable variance?
A favorable variance is the difference between the budgeted or standard cost and the actual cost. If the actual cost is less than budgeted or standard cost, it is a favorable variance.
