Flashcards in Chapter 12 - Advanced variances Deck (13)

Loading flashcards...

1

## What is the sales price variance

###
Actual quantity sold x Actual price

Actual quantity sold x Standard price

2

## What is the sales volume variance

###
Actual quantity sold x Standard profit/contribution

Budgeted quantity sold x Standard profit/contribution

3

## What is the materials price variance?

###
Actual Quantity Purchased × Actual price

Actual Quantity Purchased × Standard price

4

## What is the materials usage variance?

###
Actual Quantity Used × Standard price

Standard Quantity Used (for actual production) × Standard price

5

## What is the labour rate variance?

###
Actual hours paid × Actual labour rate

Actual hours worked × Standard labour rate

6

## What is the labour efficiency variance?

###
Actual hours worked × Standard labour rate

Standard Hours × standard labour rate

7

## What is the variable overhead expenditure variance?

###
Actual hours paid × Actual variable overhead rates

Actual hours worked × Standard variable overhead rate

8

## What is the variable overhead efficiency variance?

###
Actual hours worked × Standard variable overhead rate

Standard Hours worked × Standard variable overhead rates

9

## How do you calculate the Fixed OH Volume variance?

### Volume = Efficiency + Capacity

10

## What is the fixed overhead expenditure variance?

###
Actual cost

Budgeted hours × Standard rate

11

## What is the fixed overhead capacity variance?

###
Budgeted overhead

Actual hours × Standard rate

12

## What is the fixed overhead efficiency variance?

###
Actual hours × Standard rate

Standard hours × Standard rate

13