Variances Flashcards
Material usage variance
Qty used x std price - Std used x std p
Material price variance
Act qty x act p - act qty x std price
Labour rate variance
Act hrs x act rate - act hrs x std rate
Areas of balance scorecard
Financial
Innovation/ growth
Customer perception
Internal processes
Labour idle variance
Act wor x std rate - act paid x std rate
Through put
Sales rev - direct material cost
Fixed overhead cap variance
Bud Hrs x std rate - act hrs x std rate
Fixed overhead expenditure variance
Act cost - bud hrs x std rate
Variable efficiency variances
Std hrs x std over - act hrs x std over
Variable variance expenditure
Act hrs act vc - act hrs x std vc
Labour efficiency
Act hrs x std rate -std hrs x std rate
Sales price variance
Act sold x act price - act qty x std price
Fixed overhead efficiency variance
Act hrs x std rate - std hrs x std rate
Sales volume variance
Act qty x margin - std sold x margin
Cost per factory hour
Total cost/ time bottleneck
