During the past month, labor wage costs at Vanadium Alloy Steel Company exceeded the budgeted amount by $18,000. This difference was most probably detected by:

Question

Quizplus · Accepted Answer

Variance analysis is specifically designed to analyze differences between actual and budgeted or standard costs, making it the most likely method to detect the discrepancy in labor wage costs.

During the Past Month, Labor Wage Costs at Vanadium Alloy