Standard Cost vs. Job Order Cost Overhead & Volume Variance

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question 1 of 3

What type of variance describes differences either in the price paid for raw materials, or in the cost of labor used in the manufacturing process?

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1. Calculate the materials price variance given the following information: actual quantity = 200; actual cost per input = $2; standard cost per input = $2.50.

2. Which of the following is NOT an example of a volume variance?

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About This Quiz & Worksheet

Check your knowledge of standard cost vs. job order cost overhead and volume variance by using the quiz/worksheet combo. Some topics that are on the quiz include types of variances and calculating the materials price variance.

Quiz & Worksheet Goals

These tools can be used to test your familiarity with:

  • Examples of a value variance
  • Calculating the sales volume variance
  • Finding the labor efficiency variance
  • A materials price variance

Skills Practiced

  • Information recall - access the knowledge you have gained about calculating the sales volume variance
  • Knowledge application - use your knowledge to answer questions about different types of variances
  • Reading comprehension - ensure that you draw the most important details from the lesson on standard and job order cost variance

Additional Learning

In order to learn more about these concepts, use the lesson called Standard Cost vs. Job Order Cost Overhead & Volume Variance. Some tasks you can cover include:

  • Determine what standard costing is
  • Identify the different types of variances
  • Figure out what the direct material yield variance shows
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