(Solved) Match the following terms relating to a standard costing system to the appropriate statement by ...

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

Direct labor efficiency variance

Fixed overhead volume variance

Direct labor rate variance

Normal costing system

Direct material price variance

Standard costing system

Direct material quantity variance

Variable overhead efficiency variance

Fixed overhead spending variance

Variable overhead spending variance

______

The difference between actual variable overhead incurred and variable

overhead applied

______

System in which direct materials and direct labor are recorded at actual cost

and overhead is applied to products using a predetermined overhead rate

______

Occurs when actual activity differs from the expected level of activity

______

The difference between the actual and standard rate of pay times the number

of hours actually worked

______

Variance recorded when materials are purchased

______

The difference between budgeted and actual fixed overhead costs

______

System in which all product costs are recorded at standard cost while the

products are being made

______

The difference between variable overhead applied and the standard variable

overhead

______

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

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Match the following terms relating to a standard costing system to the appropriate statement by ...