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What does an adverse variable overhead efficiency variance indicate and what might be the cause?

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Chapter20Standardcosting

Variable overhead

It indicates that the work completed took longer than it should have done. It could be caused by employing semi-skilled workers instead of skilled workers who will take longer to complete the job.

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Explain what is meant by standard costing

Explain what is meant by a standard cost

Describe four types of standard.

Explain what is meant by a standard hour.

Give five possible sources of information from which a standard materials price may be estimated.

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Explain what is meant by standard costing
Explain what is meant by a cost variance?
What would an adverse materials price variance and a favourable materials usage variance indicate and what might this be caused by?
What does an adverse variable overhead efficiency variance indicate and what might be the cause?
Explain the meaning and relevance of interdependence of variances when reporting to managers.
What is the difference between internal and functional benchmarking?