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16 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Total direct material Variance Formulas |
1.standard cost - actual cost
2.(standard quantity units × standard price) - (actual quantity units × actual price) 3.price variance + usage variance |
Sq x Sp minus Aq xAp |
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Material Price Variance |
Actual quantity x (standard price - actual price) |
Aq x (Sp-Ap) |
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Material Usage Variance |
Standard price x(standard quantity for actual production - actual quantity)
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Sp x (Sq-Aq) |
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Total Direct Labour Variance |
1.standard labour cost - actual labour cost 2.(standard labour hours produced x standard rate) - (actual hours x actual rate) 3.rate + efficiency |
Sh x Sr - Ah x Ar |
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Labour rate variance |
Actual hours x (standard rate - actual rate) |
Ah x (Sr - Ar) |
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Labour Efficiency Variance |
Standard rate x (standard hours produced - actual hours) |
Sr x (Shp-Ah) |
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Idle time variance |
(Idle hours x standard rate) |
Ih x Sr |
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Total Variable Overhead Variance |
Variable overhead absorption rate x standard hours produced - actual variable overheads |
VOAR x SHP - actual variable overheads |
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Variable overhead expenditure variance |
Variable overhead absorption rate x actual hours x actual variable overheads |
VOAR x actual hours - actual variable overheads |
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Variable overhead efficiency variance |
Variable overhead absorption rate x (standard hours produced - actual hours |
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Total fixed overhead variances |
Fixed overhead absorption rate x standard hours produced -actual fixed overhead s |
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Capacity variance |
Fixed overhead absorption rate x actual hours - budgeted fixed overheads |
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Fixed efficiency variance |
Fixed overhead absorption rate x standard hours produced - actual hours |
Capacity+efficiency=volume variance Volume+expenditure=total variance |
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Expenditure variance |
Budgeted fixed overhead-actual fixed overhead |
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Sale price variances |
Budgeted sales value-actual sales value |
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Sales volume variance |
Standard profit/contribution x (actual quantity of sales- budgeted quantity of sales) |
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