Manag Acct Ch 10

Front 1

Maximum allowable deviation from a standard

Back 1

Control limits

Front 2

Variances produced whenever the actual amounts are less than the standard allowance

Back 2

Favorable variances

Front 3

Diff between the actual FOH and the standard FOH

Back 3

FOH Spending Variance

Front 4

Diff between standard FOH and applied FOH

Back 4

FOH Volume Variance

Front 5

Diff between actual DL hrs used and the standard DL hrs multiplied by standard hr wage rate

Back 5

Labor efficiency variance

Front 6

Diff between actual hrly rate paid and standard hrly rate multiplied by actual hrs worked

Back 6

Labor rate variance

Front 7

Diff between actual price pd per unit of material and standard price allowed per unit multiplied by actual quantity purchased

Back 7

Materials price variance

Front 8

Diff between DM actually used and DM allowed for actual output multiplied by standard price

Back 8

Materials usage variance

Front 9

Diff between actual and standard unit price of input multiplied by number of input used

Back 9

Price variance (rate)

Front 10

Amount that should be paid per unit of input to be used

Back 10

Price standards

Front 11

Amount of input that should be used per unit of output

Back 11

Quantity standards

Front 12

Per-unit cost that should be achieved, given material, labor & OH standards

Back 12

Standard cost per unit

Front 13

Listing of standard costs and standard quantities of DM, DL & OH that should apply to a single product

Back 13

Standard cost sheet

Front 14

DL hrs that should be used to produce actual output

Unit labor stand x actual output

Back 14

Standard hrs allowed (SH)

Front 15

Quantity of material that should have been used to produce actual output

Unit material stand x act output

Back 15

Standard quantity of material allowed (SQ)

Front 16

Diff between sales price needed to achieve projected market share and desired per-unit profit

Back 16

Target cost

Front 17

Diff between actual cost of an input and it’s planned cost

Back 17

Total budget variance

Front 18

Variances produced whenever actual input amts are greater than the standard allowances

Back 18

Unfavorable variances

Front 19

Diff between actual and standard quantities multiplied by standard price

Back 19

Usage (efficiency) variance

Front 20

Diff between actual DL hrs used and standard hrs allowed multiplied by standard VOH rt

Back 20

VOH efficiency variance

Front 21

Diff between actual VOH and budgeted VOH based on actual hrs used to produce actual outputs

Back 21

VOH Spending Variance