Scoring: Your score will be based on the number of correct matches. There is no penalty for incorrect or missing matches.

Match each of the following formulas and phrases with the term it describes.

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(Actual Direct Labor Hours - Standard Direct Labor Hours) * Standard Rate per Hour

(Actual Rate per Hour - Standard Rate per Hour) * Actual Hours

(Actual Price - Standard Price) * Actual Quantity

(Actual Quantity - Standard Quantity) * Standard Price

Standard variable overhead for actual units produced

Direct labor time variance

Direct labor rate variance

Direct materials price variance

Budgeted variable factory overhead

Direct materials quantity variance

Results are below.

Explanation:

Match each of the following formulas and phrases with the term it describes.

A) (Actual Direct Labor Hours - Standard Direct Labor Hours) * Standard Rate per Hour

This is the formula for Direct labor time (efficiency) variance

B) (Actual Rate per Hour - Standard Rate per Hour) * Actual Hours

This is the formula for Direct labor rate variance

C) (Actual Price - Standard Price) * Actual Quantity

This is the formula for Direct materials price variance

D) (Actual Quantity - Standard Quantity) * Standard Price

This is the formula for Direct materials quantity variance

E) Standard variable overhead for actual units produced

Budgeted variable factory overhead