Discuss the below:
Spending Variance
Labor Rate Variance
Labor Efficieny Varaince
Matierals Price Variance
Materials Quality Variance
Standard Costs
Volume Variance
A-The budgeted costs of producing a product under normal conditions.
B-The dollar amount associated with the difference between the actual direct labor hours required and the standard number of direct labor hours allowed for a given level of production under normal conditions.
C-A variance that is always favorable when actual production levels exceed normal levels
D-The portion of the total materials variance caused by using more or less material than allowed for a given level of output.
E-The portion of the total overhead variance caused by incurring more overhead costs than allowed for a given level of production.
F-The portion of the total materials variance for which a company's purchasing agent is often responsible.
G-The portion of the total labor variance that is related to the differences between the actual hourly wages paid and the budgeted standard wage.