Variance

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15 Terms

1
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First-Level Variance

Actual Amounts - Static Budget Amounts

2
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Planning Variance

Flexible Budget Amounts - Static Budget Amounts

3
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Flexible Budget Variance

Actual Amounts - Flexible Budget Amounts

4
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Fixed Cost Variance

Actual Total Fixed Costs - Flex Budget Total Fixed Costs

5
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Selling Price Flex Variance

Actual Total Sales Revenue - Flex Budget Total Sales Revenue

6
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Variable Cost Flex Variance

Actual Total Variable Cost - Flex Budget Total Variable Costs D

7
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Direct Materials Flex Variance

Actual Direct Materials Costs - Flex Budget Direct Materials Cost

8
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Direct Labour Flex Variance

Actual Direct Labour Cost - Flex Budget Direct Labour Cost

9
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Flex Budget DM Quantity Variance

(Act. input per unit - standard input per unit) x Actual unit of output x Standard price per input

10
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Flex budget DM Price Variance

(Actual price per input - standard price per input) Actual units per input * Actual units of output

11
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Flex Budget DL quantity/efficiency Variance

(Actual inputs per unit - standard inputs per unit) * Actual units of output * Standard price per input

12
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Flex Budget DL Price/Rate Variance

(Actual rate per input - standard rate per input)* actual inputs per unit * Actual units of output

13
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Sales Mix Variance

(Actual sales mix % - planned sales mix %) x planned CM per unit x total sales units for ALL products

14
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Sales Quantity Variance

(Actual ttl sales of ALL units - planned ttl sales of ALL units) x planned CM per unit * planned sales mix %

15
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Market Share Variance

(Act. market size in units - planned market size in units) x planned market share x planned weighted average CM