Variance Formulas Flashcards
1
Q
Selling price variance ?
A
(Actual price - standard price) x actual quantity of units sold
2
Q
Labour rate variance
A
(Standard rate - actual rate) x actual hours
3
Q
Labour effeciency
A
(Standard hours - actual hours) x standard rate
4
Q
Sales volume profit ?
A
(Actual quantity - budgeted quantity) x standard profit
5
Q
Material price variance ?
A
(Standard price - actual price) x actual quantity
6
Q
Material usage ?
A
(Standard quantity - actual quantity) x standard price
7
Q
Fixed overhead overhead variance
A
Budgeted fixed overhead - actual fixed overhead
8
Q
Fixed overhead volume
A
(Actual quantity - budgeted quantity) x overhead absorption rate
