Variances Flashcards
1
Q
Materials price variance
A
(Standard price-actual price) X actual usage
2
Q
Materials usage variance
A
(Standard usage - actual usage) X standard price
3
Q
Labour rate variance
A
(Standard rate - actual rate) X actual hours
4
Q
Labour efficiency rate
A
(Standard hours - actual hours) X standard price
5
Q
Sales price variance
A
(Actual price - standard price) X actual volume
6
Q
Sales volume variance
A
(Actual sales - standard sales) X standard price
