Variance Analysis Tools

direct materials price variance

(actual price-standard price) x purchased quantity

direct materials quantity variance

(actual quantity-standard quantity) x standard price

direct labor rate variance

(actual price-standard price) x actual hours worked

direct labor efficiency variance

(actual hours-standard hours) x standard rate

variable overhead rate

(actual price-standard price) x actual hours

fixed overhead spending

actual price-budgeted price

variable overhead efficiency variance

(actual machine hours-standard machine hours) x standard price