Standard Costing Flashcards
1
Q
Standard Rate x Standard Quantity
A
Standard Costing
2
Q
Sold x Standard Price
A
Actual Quantity
3
Q
(AQ x AP) - (AQ x SP)
A
Price Variance
4
Q
(AQ x SP) - (SQ x SP)
A
Quantity Variance
5
Q
(SQ - AQ) x SP
A
Materials Quantity Variance
6
Q
(SQ x SP) - (AQ x AP)
A
Materials Cost Variance
7
Q
(SP - AP) x AQ
A
Materials Price Variance
8
Q
(SH x SP) - (AH x AP)
A
Labor Variance
9
Q
(AH x AR) - (SH x SR)
A
Labor Cost Variance
10
Q
(AR - SR) - AH
A
Labor Rate Variance
11
Q
(SH - AH) x SR
A
Labor Efficiency Variance
12
Q
(SR - AR) - AO
A
Variable OH Variance
