Match each of the following calculations with their corresponding variance.
-Total materials variance
A)Actual quantity × actual price
B)(Actual hours × actual rate) - (standard hours × standard rate)
C)(Actual quantity × actual price) - (standard quantity × standard price)
D)(Actual hours - standard hours) × standard rate
E)(Actual price - standard price) × actual quantity
F)Standard quantity × standard price
G)(Actual rate - standard rate) × actual hours
H)(Actual quantity - standard quantity) × standard price

Question

Quizplus · Accepted Answer

The total materials variance is calculated by comparing the actual cost of materials used to the standard cost of materials that should have been used, which is represented by (Actual quantity × actual price) - (standard quantity × standard price).

Match Each of the Following Calculations with Their Corresponding Variance