The budgeted overhead costs for standard hours allowed and the overhead costs applied to the product are the same amount for variable overhead costs. only when standard hours allowed are less than normal capacity for fixed overhead costs for both variable and fixed overhead costs Match the following statements to the appropriate terms The difference between actual overhead incurred and overhead budgeted for the standard hours allowed. The hours that should have been worked for the units produced. The difference between the actual quantity times the actual price and the actual quantity times the standard price. The difference between total actual costs and total standard costs The difference between actual hours times the standard rate and standard hours times the standard rate. Predetermined unit costs that are measures of performance. The difference between normal capacity hours and standard hours allowed times the fixed overhead rate. Standards based on an efficient level of performance that are attainable under expected operating conditions. Standards based on the optimum level of performance under perfect operating conditions. A double-entry system of accounting in which standard costs are used in making entries and variances are recognized in the accounts. Match the following statements to the appropriate terms. The difference between actual overhead incurred and overhead budgeted for the standard hours allowed The hours that should have been worked for the units produced The difference between the actual quantity times the actual price and the actual quantity times the standard price The difference between total actual costs and total standard costs. The difference between actual hours times the standard rate and standard hours times the standard rate Standard costs Normal standards Ideal standards Materials price variance Labor quantity variance Overhead controllable variance Standard cost accounting system Overhead volume variance Standard hours allowed Variances Predetermined unit costs that are measures of performance. The difference between normal capacity hours and standard hours allowed times the fixed overhead rate Standards based on an efficient level of performance that are attainable under expected operating conditions Standards based on the optimum level of performance under perfect operating conditions. A double-entry system of accounting in which standard costs are used in making entries and variances are recognized in the accounts. The overhead volume variance relates only to variable overhead costs. fixed overhead costs. both variable and fixed overhead costs. all manufacturing costs. An overhead volume variance is calculated as the difference between normal capacity hours and standard hours allowed times the predetermined fixed overhead rate times the total predetermined overhead rate times the predetermined variable overhead rate. divided by actual number of hours worked Budgeted overhead for Skysong Industries at normal capacity of 40000 direct labor hours is $6 per hour variable and $4 per hour fixed. In May, $388800 of overhead was incurred in working 40500 hours when 42000 standard hours were allowed The overhead controllable variance is $31200 favorable $31200 unfavorable. $15000 favorable $23200 favorable