ACCT4 Chp 10
The difference between the actual labor-hours taken to complete a task and the standard hours allowed for the actual output, multiplied by the standard hourly labor rate.
Labor efficiency variance
The difference between the actual hourly labor rate and the standard rate, multiplied by the number of hours worked during the period.
Labor rate variance
The difference between a direct material’s actual price per unit and its standard price per unit, multiplied by the quantity purchased.
Materials price variance