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youngbloodz youngbloodz
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A year ago
Match the following terms relating to a standard costing system to the appropriate statement by placing the letter to the left of each statement.

a.Direct labor efficiency variancef.Fixed overhead volume variance
b.Direct labor rate varianceg.Normal costing system
c.Direct material price varianceh.Standard costing system
d.Direct material quantity variancei.Variable overhead efficiency variance
e.Fixed overhead spending variancej.Variable overhead spending variance


______1.The difference between actual variable overhead incurred and variable
overhead applied
______2.System in which direct materials and direct labor are recorded at actual cost
and overhead is applied to products using a predetermined overhead rate
______3.Occurs when actual activity differs from the expected level of activity
______4.The difference between the actual and standard rate of pay times the number
of hours actually worked
______5Variance recorded when materials are purchased
______6.The difference between budgeted and actual fixed overhead costs
______7.System in which all product costs are recorded at standard cost while the
products are being made
______8.The difference between variable overhead applied and the standard variable
overhead
______9.Variance recorded when materials are transferred to the production floor
______10.The difference between actual hours worked and standard hours allowed
times the standard rate of pay
Textbook 
Managerial Accounting

Managerial Accounting


Edition: 4th
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greiner76greiner76
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A year ago
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youngbloodz Author
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A year ago
Thanks for your help!!
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Correct Slight Smile TY
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2 hours ago
this is exactly what I needed
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