November 2008
Beginner
448 pages
11h 33m
English
Content preview from Budgeting Basics and Beyond
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8.5. Cost Variances
When a product is made or a service is performed, three measures have to be determined:
Actual Cost = Actual Price × Actual Quantity, where Actual Quantity = actual quantity per unit of work × actual units of work produced
Standard Cost = Standard Price × Standard Quantity, where Standard Quantity = standard quantity per unit of work × actual units of work produced
Total (control) Variance = Actual Cost - Standard Cost
Total (control) variance has these elements:
Price (rate, cost) variance: (Standard Price versus Actual Price) × Actual Quantity
Quantity (usage, efficiency) variance:
(Standard Quantity versus Actual Quantity) × Standard Price
Price as quantity variances are computed for both material and labor. A variance is unfavorable when actual cost is higher than standard cost.
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