Standard Costing (Word Scramble)

1. Differences between standard costs and actual costs.

2. A word used for the direct materials quantity variance.

3. This direct materials variance is often calculated at the time the materials are received.

4. If employees are paid $15 per hour and the standard cost is $14 per hour, there will be a labor _______ variance.

5. The labor quantity variance is often referred to as the labor _______________ variance.

6. When the standard cost is less than the actual cost, the variance is _______________.

7. The standard unit cost is applied to the units of good __________.

8. This variance is associated with fixed manufacturing overhead.

9. A budget that changes with the volume of good output is a ___________ budget.

10. The fixed overhead __________ variance should not be affected by a reasonable change in the volume of output.