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direct labor rate variance

(Dictionary)

Author:
Harold Averkamp, CPA, MBA

Definition

A variance arising in a standard costing system that indicates the difference between the standard cost of direct labor for the good output (standard hours times standard rate) and the standard cost of the actual hours of direct labor used (actual hours times standard rate). To learn more, see Explanation of Standard Costing.

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About the Author

Harold Averkamp

For the past 52 years, Harold Averkamp (CPA, MBA) has
worked as an accounting supervisor, manager, consultant, university instructor, and innovator in teaching accounting online. He is the sole author of all the materials on AccountingCoach.com.

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