1.

(actual hours worked-standard hours allowed) x standard rate per hour produce you product.

		materials usage variance
		materials price variance
		labor rate variance
		Labor efficiency variance

2.

(actual price-standard price) x actual quantity purchased produce your product.

		materials price variance
		Labor efficiency variance
		materials usage variance
		labor rate variance

3.

Which is prepared first in a master budget?

		Sales budget
		cash budget
		Income statement
		Production or purchases budget

4.

What details the planned investing activities of the company?

		sales budget
		operating budget
		capital budget
		cash budget