measures whether the quantity of materials or labor used to make the actual number o 646086

Consider the following terms:

Requirement

1. Match each term to the correct definition.

Consider the following definitions:

1. Benchmarking
2. Efficiency Variance
3. Fixed Overhead Spending Variance
4. Price Variance
5. Fixed Overhead Volume Variance
6. Standard Cost

1. Measures whether the quantity of materials or labor used to make the actual number of outputs is within the standard allowed for that number of outputs.

2. Using standards based on “best practice.”

3. Measures how well the business keeps unit prices of material and labor inputs within standards.

4. A budget for a single unit.

5. Compares actual overhead spent to budgeted overhead costs.

6. Arises when budgeted overhead differs from applied overhead.