Homework answers / question archive / A ______________ is the difference between how much of an input was actually used and how much should have been used and is stated in dollar terms using the standard price of the input The ________________(when computing direct materials variances) or ______________ (when computing direct labor and variable manufacturing overhead variances) refers to the amount of an input that should have been used to manufacture the actual output of finished goods produced during the period

A ______________ is the difference between how much of an input was actually used and how much should have been used and is stated in dollar terms using the standard price of the input The ________________(when computing direct materials variances) or ______________ (when computing direct labor and variable manufacturing overhead variances) refers to the amount of an input that should have been used to manufacture the actual output of finished goods produced during the period

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1. A ______________ is the difference between how much of an input was actually used and how much should have been used and is stated in dollar terms using the standard price of the input
2. The ________________(when computing direct materials variances) or ______________ (when computing direct labor and variable manufacturing overhead variances) refers to the amount of an input that should have been used to manufacture the actual output of finished goods produced during the period.
3. A ___________ measures the difference between an input's actual price and its standard price, multiplied by the actual quantity purchased.
4. The __________ measures the difference between the actual quantity of materials used in production and the standard quantity of materials allowed for the actual output, multiplied by the standard price per unit of materials
5. The ______________ measures the difference between the actual hourly rate and the standard hourly rate, multiplied by the actual number of hours worked during the period.
6. The ____________ measures the difference between the actual variable overhead cost incurred during the period and the standard cost that should have been incurred based on the actual activity of the period.
7. The__________________ measures the difference between the actual level of activity and the standard activity allowed for the actual output, multiplied by the variable part of the predetermined overhead rate.
8. A product's ____________is the difference between its selling price and its cost and is usually expressed as a percentage of cost.
9. This approach is called ____________ because a predetermined markup percentage is applied to a cost base to determine the selling price.
10. The _________ measures the degree to which a change in price affects the unit sales of a product or service.