variance formulas Flashcards
1
Q
sales volume variance
A
(actual sales volume - budgeted sales volume) x standard profit
2
Q
sales price variance
A
(standard price - actual price) x actual volume
3
Q
direct material price variance
A
(standard price - actual price) x actual quantity
4
Q
Direct Material Usage Variance
A
(Standard Quantity – Actual Quantity) X Standard Price
5
Q
Direct Labour Rate Variance
A
(Standard Rate – Actual Rate) X Actual labour hours
6
Q
Direct Labour Efficiency Variance
A
(Standard Hours – Actual Hours) X Standard Rate
7
Q
Fixed Production Volume Variance
A
(Actual Production – Budgeted Production) X Fixed Overhead Absorption Rate
8
Q
Fixed Overhead Expenditure Variance
A
(Budgeted Overhead – Actual Overhead)
