Match the following terms to the statements shown below. Use capital letters for your answers. Each term can only be used once.

_____ 1. Attainable standard

_____ 2. Budgeted cost

_____ 3. Overhead controllable variance

_____ 4. Favorable variances

_____ 5. Ideal standard

_____ 6. Labor efficiency variance

_____ 7. Labor rate variance

_____ 8. Overhead volume variance

_____ 9. Standard cost

_____ 10. Unfavorable variances

A. Difference between the actual amount of overhead and the amount of overhead that would be included in the flexible budget for the actual level of production

B. The cost that should be incurred to produce a good under anticipated conditions

C. Standards developed under the assumption that no obstacles will be encountered

D. Difference between the actual hours worked and the standard hours allowed for the number of units produced times the standard labor wage rate

E. Difference between the amount of overhead in the flexible budget and the amount of overhead applied to production using the standard overhead rate

F. Variances where the actual prices or quantities are less than the standard

G. The cost, at standard, for the total number of units scheduled to be produced

H. Difference between the actual wage rate and the standard wage rate times the actual number of hours worked

I. Variance where the actual prices or quantities are greater than standard

J. Standards which allow for expected deviations