Variance formulae
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Last updated 1:19 PM on 3/8/23
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10 Terms
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Materials price variance (MPV)
( Average price - standard price ) x actual quantity purchased
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Materials quantity variance (MQV)
( Actual quantity - standard quantity ) x standard price
3
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Labour rate variance (LRV)
(Actual rate - standard rate ) x actual hours
4
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Labour efficiency variance (LEV)
(Actual hours - standard hours) x standard rate for labour
5
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Variable overhead spending variance (VOSV)
(actual rate - standard rate) - actual hours
6
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variable overhead efficiency variance (VOEV)
(actual hours - standard hours ) x standard rate for labour
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fixed overhead expenditure variance
actual - budgeted
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sales price variance (spv)
(actual selling price - budgeted selling price) x actual quantity sold
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sales volume variance (suv)
actual quantity sold - budgeted quantity sold x budgeted contribution per unit
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what is contribution per unit?
selling price per unit less the variable cost per unit
Note 
Flashcards (142)