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direct labor efficiency variance

(Dictionary)

Author:
Harold Averkamp, CPA, MBA

Definition

A variance arising in a standard costing system that indicates the difference between 1) the standard cost of the direct labor that should have been used (the standard hours times the standard rate) for the good output, and 2) the actual hours of direct labor used at its standard rate per hour. 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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