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### 9 Cards in this Set

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 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)