The difference between the total standard cost and the total actual cost is the

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Quizplus · Accepted Answer

The cost variance is the difference between the total actual cost and the total standard cost. This variance can be further broken down to determine the specific causes, such as labor rate variance or materials price variance, but the initial difference between these two costs is simply called the cost variance. The standard cost card amount is simply the predetermined cost of producing a unit or service, and is not relevant to a comparison of actual and standard costs.

The Difference Between the Total Standard Cost and the Total