Match the following formulas or descriptions with the term it defines

1. Direct materials price variance

2. Direct labor rate variance

3. Direct labor time variance

4. direct materials quantity variance

5. budgeted variable factory overhead

• (Actual rate per hour- Standard rate per hour) Actual hours
• (Actual quantity- Standard quantity) Standard price
• (Actual price - Standard price) Actual quantity
• Standard variable overhead for actual units produced
• (Actual direct hours- Standard direct hours) Standard rate per hour