Variances Flashcards
(8 cards)
1
Q
Sales price variance
A
(standard price - actual price) x actual quantity
2
Q
Sales volume variance
A
(actual sales volume - budgeted sales volume) x standard profit margin
3
Q
Direct materials price variance
A
(standard price - actual price) x actual quantity
4
Q
Direct material usage variance
A
(standard quantity - actual usage) x standard rate
5
Q
Direct labour rate variance
A
(standard price - actual price) x actual quantity
6
Q
Direct labour efficiency variance
A
(standard quantity for actual - actual quantity) x standard rate
7
Q
fixed production overhead expenditure variance
A
(budgeted - actual rate)
8
Q
fixed production overhead volume
A
(actual production quantity - budgeted production quantity) x standard overhead rate
