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9 Cards in this Set

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  • Back
Direct labor variance
=wage variance + efficiency variance
Wage rate variance
=(Wa-Ws)x Ha

reflects the difference between expected and actual price paid for labor
Efficiency variance
=(Ha-Hs)x Ws

reflects the difference between expected and actual amount of labor resources used
Materials variance
price and quantity variance
Materials price variance
=(MPa-MPs)x Qap

reflects the difference between expected and actual price paid for materials
Usage variance (quantity)
=(Qa-Qs)x MPs

reflects the difference between expected and actual amount of materials used
Overhead spending variance
=Actual overhead cost incurred - Flexible budget at actual volume

=Actual overhead - (Fixed overhead + Variable overhead X Actual volume)
Overhead efficiency variance
=Flexible budget at actual volume - Flexible budget at standard volume

=(Fixed overhead + variable overhead X Actual volume) - (Fixed overhead + variable overhead X Standard volume)
Overhead volume variance
=Flexible budget at standard volume - Overhead absorbed

=(Fixed overhead + variable overhead X Standard volume) - (Overhead rate X Standard volume)