Standard Cost = Standard Quantity x Standard Price
Actual Cost = Actual Quantity Used x Actual Price
Standard Quantity Allowed (SQA) = Units Produced x Standard Quantity per Unit
Actual Cost $ XX
Standard Cost (SQA x Standard Price) (XX)
Cost Variance $ XX Unfavorable(U) / Favorable (F)
Materials:
AQU = Actual Quantity Used
AQP = Actual Quantity Purchased
AQ = Actual Quantity
SQA = Standard Quantity Allowed
AP = Actual Price (Paid)
SP = Standard Price
UP = Units Produced
Actual Cost (AQU x AP) $ XX
Standard Cost (SQU x SP) (XX)
Materials Cost Variance $ XX U/(F)
SQA = UP x SQ per unit
Analysis:
Price (Usage) Variance [(AP - SP) x AQU] $ XX U/(F)
Quantity Variance [(AQ - SQ) x SP] XX U/(F)
Materials Cost Variance $ XX U/(F)
Purchase Price Variance = (SP - AP) x AQP
Labor:
AH = Actual Hours
SHA = Standard Hours (Allowed)
AR = Actual Rate (Paid)
SR = Standard Rate
Actual Cost (AH x AR) $ XX
Standard Cost (SHA x SR) (XX)
Labor Cost Variance $ XX U/(F)
SHA = UP x SH per unit
Actual Cost = Actual Quantity Used x Actual Price
Standard Quantity Allowed (SQA) = Units Produced x Standard Quantity per Unit
Actual Cost $ XX
Standard Cost (SQA x Standard Price) (XX)
Cost Variance $ XX Unfavorable(U) / Favorable (F)
Materials:
AQU = Actual Quantity Used
AQP = Actual Quantity Purchased
AQ = Actual Quantity
SQA = Standard Quantity Allowed
AP = Actual Price (Paid)
SP = Standard Price
UP = Units Produced
Actual Cost (AQU x AP) $ XX
Standard Cost (SQU x SP) (XX)
Materials Cost Variance $ XX U/(F)
SQA = UP x SQ per unit
Analysis:
Price (Usage) Variance [(AP - SP) x AQU] $ XX U/(F)
Quantity Variance [(AQ - SQ) x SP] XX U/(F)
Materials Cost Variance $ XX U/(F)
Purchase Price Variance = (SP - AP) x AQP
Labor:
AH = Actual Hours
SHA = Standard Hours (Allowed)
AR = Actual Rate (Paid)
SR = Standard Rate
Actual Cost (AH x AR) $ XX
Standard Cost (SHA x SR) (XX)
Labor Cost Variance $ XX U/(F)
SHA = UP x SH per unit
