Standard Costing Flashcards
(17 cards)
How do you calculate Sales Volume Variance?
(Actual Sales Units - Budgeted Sales Units) * Budgeted Sales Price
How do you calculate Sales Price Variance?
(Actual Sales Price - Budgeted Sales Price) * Actual Units
How do you calculate Sales Variance?
(Actual Sales - Budgeted Sales)
How do you calculate Direct Material Variance?
(Actual Direct Materials Cost - Budgeted Direct Materials Cost)
How do you calculate Direct Materials Price Variance?
(Budgeted Price - Actual Price) * Actual Total Quantity
Actual Quantity : Actual Units * Actual Kilos of Direct Materials
How do you calculate Actual price?
Total Direct Materials Cost / Actual Quantity of Direct Materials
How do you calculate Direct Materials Usage Variance?
(Standard Quantity per unit - Actual Quantity per unit) * Standard Price * Actual Units
How do you calculate the Direct Labour Variance?
(Budgeted Direct Labour Cost - Actual Direct Labour Cost)
How do you calculate the Direct Labour Rate Variance?
(Standard Wage Rate - Actual Wage Rate) * Actual Total Hours
How do you calculate Actual Hours?
Total Actual Cost / Actual Direct Labour Rate
How do you calculate Labour Efficiency Variance?
(Standard Hours per unit - Actual Hours per unit) * Standard Rate * Actual Units
How do you calculate Overhead Absorption Rate? [OAR]
Fixed Overheads / Basis [ex. labour hours]
How do you calculate the Fixed Overhead Expenditure Variance based on Direct Labour Hours?
(Budgeted Fixed Overheads - Actual Fixed Overheads]
How do you calculate the Fixed Overhead Volume Variance based on Direct Labour Hours?
(Budgeted Hours for Actual Output - Budgeted Hours for Budgeted Output) * OAR
How do you calculate the Fixed Overhead Capacity Variance based on Direct Labour Hours?
(Actual Labour Hours Worked - Budgeted Labour Hours Worked) * OAR
How do you calculate the Fixed Overhead Efficiency Variance based on Direct Labour Hours?
(Budgeted Hours for Actual Output - Actual Hours for Actual Output) * OAR
How do you
