(a) What are the two variances between the actual cost and the standard cost for direct labor? Show
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What are the two variances between the actual cost and the standard cost for direct materials?Answer: The difference between actual costs and standard (or budgeted) costs is typically explained by two separate variances: the materials price variance and materials quantity variance.
Which variance is the difference between standard cost of Labour and actual cost of Labour?Labour Cost Variance (LCV)
It is the difference between the Standard labour costs and the actual labour costs for the production achieved.
What can cause a variance between standard and actual costs?Material Variances reflect the deviation of actual cost incurred on material from the standards. These deviation in material cost could because of changes in material price, quantity used, change in mix of various materials used or output achieved.
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What are the two variances between the actual cost and the standard cost for direct labor?
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